Sheridan 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 $$3,478,400$ 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 $10\%.$