(Dividend irrelevance of the timing of cash dividends)The Caraway Seed Company sells specialty gardening seeds and products primarily to mail-order and Internet customers. The firm has $ 218,000 available for distribution as a cash dividend immediately and plans to shut down its business at the end of one year, at which time it will be prepared to pay a liquidating dividend of $1.27 million to the firm's stockholders. The firm's shareholders require a 9.5 percent rate of return for investing in the all-equity-financed firm.

The value of Caraway's equity today if it pays out a $218,000 cash dividend today and plans to pay a $1.27 million liquidating dividend at the end of the year is $ ( )

. (Round to the nearest dollar.)