A company is selling an equipment after five years for $4,240. The equipment was originally purchased for $22,437. The tax rate is 16%. The equipment is classified as a 7-year property. What is the after-tax salvage value?

The MACRS allowance percentages are as follows, starting with Year 1: 14.29, 24.49, 17.49, 12.49, 8.93, 8.92, 8.93, and 4.46 percent.

Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box.