Accounting for Bonds Sold at a Discount The Biltmore National Bank raised capital through the sale of $2 million face value of 8% coupon rate, 10-year bonds. The bonds paid interest semiannually and were sold at a time when equivalent risk-rated bonds carried a yield rate of 10%. Calculate the proceeds that The Biltmore National Bank received from the sale of the 8% bonds. Round your answer to the nearest dollar.