Your uncle gave you two IBM bonds (each bond is worth $1,000 each), and you expect to receive $2,000 ($1,000 for each bond) in five years when these bonds mature. Also, you will receive $240 annual interest payments ($120 for each bond) at the end of each of the next five years until the bonds mature. What is the present value of your investment? Assume your investment opportunity cost is an annual rate of 11 percent.