A financial institution holds a portfolio of 50 bonds, each with a face value of $100,000 and a duration of 5 years. The institution has a liability of $5 million that must be paid off in 4 years. The institution wants to hedge its liability risk by investing in a portfolio of 4-year zero-coupon bonds. If the current yield to maturity for 4-year zero-coupon bonds is 4%, what is the dollar amount of the zero-coupon bond portfolio the institution should invest in to hedge its liability risk? Show all calculations and round to the nearest dollar.

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