On January 1, year 1, ABC. Corp. issued bonds as follows:

USE THIS FORMULA PLEASE:

bond price = PV Factor x Face Value + Face Value x Stated Interest rate x PV Annuity factor

Face value $3000000

Stated (or coupon) annual rate of interest 6 % Coupon is paid twice annually.

Market annual rate of interest 8 %

Term in years 3

How much did the bond sell for? Round your answer to the nearest dollar.