On January 1, 2019, Bee Corp. issued 8-year bonds with a principal value of $3,400,000 and a stated rate of interest of 8%, which pay interest each December 31. If the market rate of interest was 10%, what was the issue price of the bonds? (The present value factor for $1 in 8 periods at 8% is 0.5403 and at 10% is 0.4665 . The present value of an annuity of $1 factor for 8 periods at 8% is 5.7466 and at 10% is 5.3349 .)