On August $1,$ Year $1,$ Magenta Canada Co$.$ entered into a forward contract with the bank to purchase $22,000$ USD on September $30,$ Year $1$ at a forward rate of $1$ USD $=1\mathrm{.}21$ CAD. The spot rate on August $1$ was $1$USD$=1\mathrm{.}27$CAD. At what amount will the forward contract be measured at on August $1?$