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

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Accounting

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Sarasota Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction 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 places, 89.25124 and final answer to 0 decimal places, e.8. 458,581.) Selling price of the bonds

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