Skysong Inc. issues $1,600,000 of 7% bonds due in 11 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 8%.

What amount will Skysong receive when it issues the bonds? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answer to 0 decimal places, e.g. 458,581.)