Sheffield 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 $3,021,900of10% term corporate bonds on March 1, 2017, due on March 1, 2032, with interest payable each March 1 and September 1,with the first interest payment on September 1st, 2017.At the time of issuance, the market interest rate for similar financial instruments is12%.

Determine the selling price of the bonds.