Bright Future Investment Fund has a balance of $1,206,000 on January 1. On May 1, the balance is $1,220,000. Immediately after this balance is noted, $800,000 is added to the fund. If there are no further contributions to the fund for the year and the time-weighted annual yield for the fund is 16%, what is the fund balance at the end of the year? (Round your answer to the nearest cent.)

$ ______