Pharoah Inc, manufactures cycling equipment. Recently, the vice president of operations of the compamy 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 $3,454,800 of 11% 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 10% Clickhere to view factor tables. As the controlier of the company, determine the selling price of the bonds, (Round foctor volues to 5 decimal places, es. 1.25124 and final answer to 0 decimal places, e.s. 458,581 .) Selling price of the bonds eTextbook and Media