Amazon Web Services (AWS), a division of Amazon Inc., has secured a multi-year contract with a major client for cloud computing services. The contract spans over three years with an initial payment of $8,000,000 and a total contract value of $25,000,000. AWS recognizes revenue based on completed milestones. In the first year, AWS successfully achieved 50% of the project milestones. Calculate the revenue recognized for the initial year using the percentage-of-completion method.