On January 1, 2024, Sandhill Company issued for cash a $1,100,000,3-year note bearing annual interest at 8% to Tamarisk, Inc. The market rate of interest for a note of similar risk is 9%. What cash would have been recorded on the issue date of the note? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Click here to view factor table. Total Proceeds $