PowerTap Utilities is planning to issue bonds with a face value of $2, 900,000 and a coupon rate of 6 percent. The bonds mature in 8 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. PowerTap uses the effective-interest amortization method. Assume an annual market rate of interest of 8 percent (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) What was the issue price on January 1 of this year? (Round your final answer to whole dollars.)