An asset used in a four$-$year project falls in the five$-$year MACRS depreciation class for tax purposes $($shown in the table below$).$ The asset has an acquisition cost of $$8\mathrm{.}3$ million and will be sold for $$1\mathrm{.}7$ million at the end of the project. If the tax rate is $31$ percent, what is the after$-$tax salvage value of the asset?

MACRS $5-$year property

Year

Rate

$1$

$20\mathrm{.}00\%$

$2$

$32\mathrm{.}00\%$

$3$

$19\mathrm{.}20\%$

$4$

$11\mathrm{.}52\%$

$5$

$11\mathrm{.}52\%$

$6$

$5\mathrm{.}76\%$