Finco Inc. manufactures financial calculators. The company is deciding whether to introduce a new calculator. This calculator will sell for $120. The company feels that sales will be 12,000, 14,000, 14,000, 14,000, and 12,000 units per year for the next 5 years. Variable costs will be 20% of sales, and fixed costs are $500,000 per year. The firm hired a marketing team to analyze the viability of the product and the marketing analysis cost $785,000. The company plans to use a vacant warehouse to manufacture and store the calculators. Based on a recent appraisal the warehouse and the property is worth $3 million on an after-tax basis. If the company does not sell the property today then it will sell the property 5 years from today at the currently appraised value. This project will require an injection of net working capital at the onset of the project in the amount of $200,000. This net working capital will be fully recovered at the end of the project. The firm will need to purchase some equipment in the amount of $1,500,000 to produce the new calculators. The machine has a 5-year life and will be depreciated using the straight-line method. At the end of the project, the anticipated market value of the machine is $0. The firm requires an 8% return on its investment and has a tax rate of 21%.

Calculate the after tax salvage value at the end of year 5. (Round to two decimals)