Arrow Inc. is a TSX-listed company. On April 1, 2020, it purchased $70 million of 10-year, 6% bonds, dated April 1, 2020. Interest is payable annually at March 31. On April 1, 2020, the market interest rate for similar bonds was 8% per year. The bonds are classified as an AC (amortized cost) investment. Arrow Inc. has a December 31 year-end.

How much interest revenue should the company recognize on December 31, 2021? (Note: Find the nearest amount.)