Crown Company is considering a project that has been assigned a discount rate of 12 percent. If the company starts the project today, it will incur an initial cost of $708,000 and will receive cash inflows of $388,000 a year for three years. If the company waits one year to start the project, the initial cost will rise to $772,000 and the cash flows will increase to $485,000 a year for three years. What is the value of the option to wait?