An asset used in a four-year project falls in the five-year MACRS class for tax purposes. The asset has an acquisition cost of $6,120,000 and will be sold for $1,320,000 at the end of the project. If the tax rate is 34 percent, what is the aftertax salvage value of the asset? Refer to Table 8.3. (Enter your answer in dollars, not millions of dollars. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.) $ Aftertax salvage value TABLE 8.3 Depreciation under Modified Accelerated Cost Recovery System (MACRS) RECOVERY PERIOD CLASS 5 YEARS 7 YEARS YEAR 3 YEARS 10 YEARS 1000 1800 1440 1152 15 YEARS 20 YEARS 1429 2449 1749 1249 03750 07219 1481 0741 1920 1152 1152 0576 06177 05713 05285 0770 0693 0623 .0737 0655 0655 0656 .0655 0328 0590 0591 0590 0591 0590 0591 0590 0591 0295 04522 04461 04461 10 12 13 14 15 16 17 18 19 20 21 04461 04461 04461 04461 02231 Depreciation is expressed as a percent of the asset's cost. These schedules are based on the IRS publication 946. How to Depreciate Property and other details on depreciation are presented later in the chapter. Note that five-year depreciation actually carries over six years because the IRS assumes purchase is made in midyear