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Wildhorse Inc. manfactures cycling equipment. Rencently, the vice president of operations of the company has...

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Accounting

Wildhorse Inc. manfactures cycling equipment. Rencently, the vice president of operations of the company has requested construction of a new plant to meet the incresing demand for the companys bikes. After a careful elvaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,454,600 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%. Determine the selling price of the bonds.

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