Washington Distributors intends to raise capital by issuing $5,040,600 of 8%, 15 year term bonds with interest payable each March 1 and September 1, with the first interest payment due six months after issue. At the time of issuance, the market interest rate for similar financial instruments is 6%. Determine the selling price of the bonds. Potential factors: PV of 1 for n=15 and i=6 is 0.41727; PV of 1 for n=30 and i=3 is 0.41199; PV of ordinary annuity

a. 2,168,552

b. 6,028,596

c. 3,544,451

d. 2,612,740

e. 1,958,223