On January 1, 2021, a firm issues bonds with a face amount of $1,500,000. The stated rate is 10%, the market rate is 12%, the term is three years and payments are made twice a year, on June 30 and Dec. 31. What is the present value of the bond that the firm records on its books on the issue date?

$1,426,240

$1,500,000

$1,576,135

$1,795,039

$2,188,195