On January 1, 2019, Broker Corp. issued $2,600,000 face value 8%, 8-year bonds 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.)