An asset used in a four-year project falls in the five-year MACRS class for tax purposes. The asset an acquisition cost of $8,000,000 and will be sold for $1,500,000 at the end of the project. If the tax rate is 35 percent, what is the aftertax salvage value of the asset? [Depreciation rates for five-year MACRS class are 20%, 32%, 19.20% and 11.52% in year 1, 2, 3 and 4 respectively] has s 1,458,840 S 1,382,400 $ 1,500,000 $ 6,617,600