Boldana Corp. is considering a project that has an initial cost today of $20,000. The project has a two-year life with cash inflows of $13,000 a year. Should Boldana decide to wait one year to commence this project, the initial cost will increase by 5% and the cash inflows will increase to $15,000 a year. What is today's value of the option to wait if the applicable discount rate is 12% (rounded to the nearest $)?