Consider an asset that costs $548,000 and is depreciated straight-line to zero over its eight-year tax life. The asset is to be used in a five-year project; at the end of the project, the asset can be sold for $105,000. 

If the relevant tax rate is 35 percent, what is the after-tax cash flow from the sale of this asset? You can assume that there will be no assets left in the class in six years.