Pharoah Company issued 10%, 6-year, $ 2,665,500 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2017, and are issued on that date. The discount rate of interest for such bonds on April 1, 2017, is 12%.

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(For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What cash proceeds did Pharoah receive from issuance of the bonds? (Round answer to 0 decimal places, e.g. 125.)

Cash proceeds from issuance of the bonds

$ enter cash proceeds in dollars rounded to 0 decimal places