Power Manufacturing has equipment that it purchased 6 years ago for $2,900,000. The equipment was used for a project that was intended to last for 8 years. However, due to low demand, the project is being shut down. The equipment was depreciated using the straight-line method and can be sold for $470,000 today. The company's tax rate is 34 percent. What is the aftertax salvage value of the equipment?

Multiple Choice

• $383,300

• $470,000

• $470,000

• $629,800

• $556,700