An asset used in a 3-year project falls into 5 year MACRS class for tax purposes. The asset has an acquisition cost of $5,000,000 and will be sold for $1,500,000 at the end of the project. With a 25 percent tax rate, what is the after-tax salvage value of the asset? (9 points)

Year	1	2	3	4	5	6
MACRS	20.00%	32.00%	19.20%	11.52%	11.52%	5.76%