An asset used in a four-year project falls in the five-year MACRS class (MACRS Table) for tax purposes. The asset has an acquisition cost of $7,400,000 and will be sold for $1,780,000 at the end of the project.

Required:

If the tax rate is 40 percent, what is the aftertax salvage value of the asset? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Aftertax salvage value

$