An asset used in a 4-year project falls in the 5-year MACRS class for tax purposes. The asset has an acquisition cost of $9,500,000 and will be sold for $2,920,000 at the end of the project. If the tax rate is 24 percent, what is the aftertax salvage value of the asset? Refer to (MACRS schedule)n

Property Class Three-Year Five-Year Year Seven-Year 20.00% 1 33.33% 14.29% 44.45 32.00 24.49 2 19.20 17.49 14.81 3 4 11.52 12.49 7.41 11.52 8.93 5.76 8.92 6 7 8.93 4.46