On January 1, 2022 a company issues 3-year bonds with a face value of $2,000,000. The bonds have a stated (i.e., coupon) interest rate of 5% and pay coupons annually, in cash, on December 31 of each year. At the time of the bond issuance, the market interest rate is 7%. What is the present value of these bonds at the date of issuance? Please provide a dollar amount.