A project that would require an initial cash outflow of $340,000 at the begging is expected to produce cash inflows of $70,000 at the end of each projects 7 years. Assume the required return is 9% and you were asked to calculate the projects discounted payback period. 

What amount would you subtract from the projects initial cash outflow of $340,000 when calculating the amount of the initial cost left to be recovered on a discounted basis at the end of the 1st year?