Hard Spun Industries (HSI) has a project that it expects will produce a cash flow of $3.1 million in 11 years. To finance the project, the company needs to borrow $2.3 million today. The project will also produce intermediate cash flows of $230,000 per year that HSI can use to service coupon payments of $115,000 every six months. Based on the risk of this investment, market participants will require a 9.5% yield. If HSI wishes a maturity of 11 years (matching the arrival of the lump sum cash flow), what does the face value of the bond have to be? Recall that the compounding interval is 6 months and the YTM, like all interest rates, is reported on an annualized basis.