Larkspur Inc. manufactures cycling equipment. Recently, the company's vice-president of operations 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 $2,440,000 of 13% term corporate bonds on March 1, 2023, due on March 1, 2037, with interest payable each March 1 and September 1. At the time of issuance, the market interest rate for similar financial instruments is 12%.

As Larkspur's controller, determine the selling price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 5,275.)