sandhill 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 careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $$3,128,500$ 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 $8\%.$ As the controller of the company, determine the selling price of the bonds.