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Ivanhoe Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has...

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Accounting

Ivanhoe 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 $3,492,700 of 10% 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 8%.
Click here to view factor tables.
As the controller of the company, determine the selling price of the bonds. (Round factor values to 5 decimal places, eg.1.25124 and final
answer to 0 decimal places, e.g.458,581.)
Selling price of the bonds
$
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