Indigo Inc, manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,054,300 of 12% term corporate bonds on March 1, 2025, due on March 1.2040. with interest payable each March 1 and September 1 . At the time of issuance, the market interest rate for similar financial instruments is 8%. Click here to view factor tables As the controller of the company, determine the selling price of the bonds. (Round foctor values to 5 decimal places, es. 1.25124 and final answer to 0 decimal places, es. 458,581