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Sweet 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 $$3,201,000$ of $9\%$ 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 $8\%.$

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As the controller of the company, determine the selling price of the bonds. $($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final

answer to $0$ decimal places, e$.$g$.458,581.)$

Selling price of the bonds

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