Ivanhoe 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 $1,2020,$ due on March $1,$

$2035,$ with interest payable each March $1$ and September $1,$ with the first interest payment on September $1$st$,2020.$ At the time of

issuance, the market interest rate for similar financial instruments is $8\%.$

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As the controller of the company, determine the selling price of the bonds. $($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final

answer to $0$ decimal places, e$.$g$.458,581.)$

Selling price of the bonds