Paramount Company is considering purchasing new equipment costing $700,000. The management has estimated that the equipment will generate cash flows as follows: Year 1 $200,000 200,000 2 3 250,000 4 250,000 5 150,000 Present value of $1: 6% 7% 8% 9% 10% 1 0.943 0.935 0.926 0.917 0.909 2 0.89 0.873 0.857 0.842 0.826 3 0.84 0.816 0.794 0.772 0.751 4 0.792 0.763 0.735 0.708 0.683 5 0.747 0.713 0.681 0.65 0.621 The company's required rate of return is 8%. Using the factors in the table, calculate the present value of the cash inflows. (Round all calculations to the nearest whole dollar)