New University plans to issue a bond with a face value of $2,000,000 to purchase athletic equipment. The bond matures in ten years and requires semi-annual interest payments at a stated annual interest rate of 4 percent. When the University issues the bond, market interest rates have risen to 5 percent.

How much can the university expect to receive at bond issuance, assuming that the bonds sell for their market value? Round to the closest dollar and do not use commas or include a dollar sign in the answer.