Colter Steel has $5,500,000 in assets.

Temporary current assets	$	3,000,000
Permanent current assets		1,600,000
Fixed assets		900,000
Total assets	$	5,500,000

Assume the term structure of interest rates becomes inverted, with short-term rates going to 14 percent and long-term rates 6 percentage points lower than short-term rates. Earnings before interest and taxes are $1,160,000. The tax rate is 30 percent.

If long-term financing is perfectly matched (synchronized) with long-term asset needs, and the same is true of short-term financing, what will earnings after taxes be?

	Earnings after taxes __________________