Splish Inc manufactures cycling equipment. Recently, the vice president of operations of the company has requested constructions of a new plant to meet the increasing demand for the company's bike. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,103,800 of &% term corporate bonds on march 1, 2032, with interest payable each march 1 and September 1. at the time of issuance, the market interest rate for similar financial instruments is 8%.

As the controller of the company, determine the spelling price of the bonds.