Belford Corp. wants to raise $3.0 million via a rights offering. The company currently has 400,000 shares of common stock outstanding that sell for $40 per share. Its underwriter has set a subscription price of $20 per share and will charge the company a spread of 4%.

If you currently own 5,000 shares of stock in the company and decide not to participate in the rights offering, how much money can you get by selling your rights? (Enter your answer in dollars, not in millions. Do not round intermediate calculations. Round the final answer to the nearest whole number. Omit $ sign in your response.)

Proceeds from selling rights $