Summer 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 companys bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $2,000,000 of 8% term corporate bonds on March 1, 2017, due on March 1, 2027, with interest payable each March 1 and September 1. At the time of issuance, the market interest rate for similar financial instruments is 10%. As the controller of the company, the selling price of the bonds would be:

a. $2,134,653 b. $1,835,749 c. $1,800,465 d. $1,750,757