Pearl 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 $$3,201,000$ of $9\%$ 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 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 $

eTextbook and Media

Attempts: $0$ of $3$ used