1. On January 1, a company issues bonds, that is, obtains a loan. Use the time value tables located at the end of our Wild, 9th edition, textbook and calculate the amount of cash received by the company, based on the following data:

7%, 10-year bonds with a par value of $2,000,000.

The bonds pay interest semiannually.

The market rate of interest is 8% at the time of the issuance of the bonds.