Sandhill Inc. issues $2,013,700of7% bonds due in11years with interest payable at year-end. The current market rate of interest for bonds of similar risk is8%.

What amount will Sandhill receive when it issues the bonds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

Amount received by Sandhill when bonds were issued