A derivatives dealer calculates the credit valuation adjustment (CVA) for a 5-year interest rate swap with Pendleton Corp. The dealer estimates the following: expected positive exposure (EPE) profile averaging $8.2 million, Pendleton's CDS spread of 220 bps, and a recovery rate of 35%. Using the simplified CVA formula (CVA = EPE x Spread x Maturity / (1 - Recovery)), what is the approximate CVA?