A manufacturing company just bought a new piece of equipment for $1.5 million. It is a class 8 asset with CCA rate of 20% defined by the government. The following information is given:

- after-tax annual interest rate = 10%

- corporate tax rate = 42%

- service life = 10 years

- historic depreciation rate = 25%

Calculate the present worth of the equipment's salvage value with tax effects.