A company that requires a 8% return on investment is considering a project that would require a $700,000 intial cash outflow at the beginning of the project. The project is expected to generate cash inflows in the amount of $280,000 at the end of each of the project's 3 years. If you were calculating the discounted paypack period for this project and wanted to find the amount of the initial cost remaining to be recovered at the end of the first year on a discounted basis, what amount would you subtract from the initial cost of $700,000?