Frank is analysing Zisco Widgets in January of 2021. In 2020, cash flow from operations before interest and taxes was $2.9 million, and Zisco Widgets expects this will grow by 2.5% per year forever. In order to do that, the firm must invest 35% of pretax cash flow each year.

The tax rate is 35%, and depreciation was $190,000 in 2020, which is expected to grow at the same rate as operating cash flow.

What is the FCFE for 2021?