Messier SA manufactures cycling equipment. Recently, the vice president of operations of

Messier SA 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 €3,000,000 of 11% term company bonds on March 1, 2022, due on March 1, 2037, with interest payable each March 1 and September 1. At the time of issuance, the market interest rate for similar financial instruments is 10%.

Instructions

As the controller of the company, determine the selling price of the bonds.

 

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