Sage 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 $3,128,500 of 12% 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 foctor values to 5 decimal plocesi e $.1.25124 and final answer to 0 decimal places, es. 458,581.) Selling price of the bonds Click here to view factor tables. $52,710 payable at the end of the seventh, eighth, ninth, and tenth periods at 12%. (Round foctor values to 5 decimal places, es. 1.25124 and final answer to 0 decimal places, eg. 458.581.) Present value $