Alex Inc. purchased equipment and presented the seller a $1.120,000, 5-year, zero- interest-bearing note. Alex will pay off the note in five equal installments of $224.000 due at the end of each year for the next 5 years. The prevailing market rate of interest for obligations of this nature is 11%. At what amount should Alex capitalize the equipment? Round the answer to the nearest dollar. Input a numerical answer only: do not use any symbols. TABLE 8-2 PRESENT VALUE OF 1 In) Periods 8% .92593 .85734 .79383 .73503 .68058 996 .91743 .84168 .77218 .70843 .64993 10% .90909 .82645 .75132 .68301 62092 11% .90090 81162 .73119 .65873 .59345 12% .89286 .79719 .71178 .63552 .56743 15% .86957 .75614 .65752 57175 49718 2 3 5 TABLE 6-4 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 8% .92593 1.78326 2.57710 3.31213 9% .91743 1.75911 2.53130 3.23972 10% .90909 1.73554 2.48685 3.16986 11% .90090 1.71252 2.44371 3.10245 12% .89286 1.69005 2.40183 3.03735 15% .86957 1.62571 2.28323 2.85498 (n) Periods 1 2 3