On December 31,2020 , Grouper Company signed a $1,049,400 note to Monty Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Grouper's financial situation worsened. On December 31,2022, Monty Bank determined that it was probable that the company would pay back only $629,640 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,049,400 loan. (a) Your answer is incorrect. Determine the amount of cash Grouper received from the loan on December 31, 2020. (Round present value foctors to 5 decimal places, es. 0.52513 and final answer to 0 decimal places, es. 5, 275.) Amount of cash Grouper received from the loan $