Please keep 2 decimal points for your answers, except for rates. For rates, please keep 4 decimal points (e.g., 0.1234).

Your client was terminated today from his position as Director of the Federal Bureau of Investigation. Under the terms of his severance agreement, he will receive a severance package consisting of a payment today of $2,200,000, and then annual payments of $500,000 each for 5 years, with the first of the payments occurring precisely 4 years from today. If you use a discount rate of 3.71%, what is the present value (i.e., value as of today) of the settlement?