Cheyenne Inc manufactures cycling equipment. Recently, the vice president of operations of the company has...
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Cheyenne 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 $3,066,000 of 12% 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% Click here to view factor tables As the controller of the company, determine the selling price of the bonds. Round foctor values to 5 decimal ploces, es. 1.25124 and final onswer to 0 decimal places, e.5. 458,581 . Selling price of the bonds
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