Logan 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 companys bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $5,000,000 of 11%, 15-year corporate bonds on March 1st of the current year. Interest is payable every six months, with the first interest payment occurring on September 1st of the current year. At the time of the bond issuance, the market interest rate for similar financial instruments is 8%.

Required: As the controller of the company, determine the selling price of the bonds.