An asset used in a six-year project falls in the seven-year MACRS class for tax purposes. The asset has an acquisition cost of $860,000 and will be sold at the end of the project. If the income tax rate is 21 percent, and the capital gains rate is 15 percent, what is the after-tax salvage value of the asset? At the end of the project, the asset can be sold for $ 880,000.

Table: Modified ACRS depreciation allowances (MACRS)