Apex, Inc. is a U.S.-based firm investing in a two-year project in Mexico. The present exchange rate is 14 Mexican pesos per U.S. dollar. It is estimated that Mexico's currency will be devalued in the international market at an average 1.5 % per year relative to the U.S. dollar over the next several years. The estimated before-tax net cash flow (in pesos) of the project is a follows: End of Year Net Cash Flow (pesos) 0 - 900,000 480,000 720,000 If the U.S. company's MARR is 25 % (before taxes) based on the U.S. dollar, what is the present worth (PW) of the project in terms of U.S. dollars? (Enter your answer as a number without the dollar $ sign.) 2