Martinez Inc. issues $2,061,700of11% bonds due in15years with interest payable at year-end. The current market rate of interest for bonds of similar risk is12%.

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What amount will Martinez receive when it issues the bonds?(Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

Amount received by Martinez when bonds were issued $________