On 1 January 20X9, a borrower signed a long-term note, face amount, $1,750,000; time to maturity, three years; stated rate of interest, 2%. The effective rate of interest of 7% determined the cash received by the borrower. The principal of the note will be paid at maturity; stated interest is due at the end of each year.

1. Compute the cash received by the borrower.