An Ocean Transfer cargo ship was forced to jettison some cargo during a severe storm. The various interests in the voyage at the time the property was jettisoned are the following:
Value of the ship ................. $4.0 million
Value of iron ore ................. $2.0 million
Value of lumber and wood chips .......... $2.0 million
The captain jettisoned iron ore valued at $800,000. What is the amount that Ocean Transfer must pay under a general average loss? Explain your answer.