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 $7.7 million and will be sold for $1.7 million at the end of the project. If the tax rate is 37 percent, what is the after-tax salvage value of the asset? MACRS 5-year property Year Rate 1 20.00% 2 32.00% 3 19.20% 4 11.52% 5 11.52% 6 5.76%