Power Manufacturing has equipment that it purchased 7 years ago for $2,950,000. The equipment was used for a project that was intended to last fc years and was being depreciated over the life of the project. 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 $480,000 today. The company's tax rate is 23 percent. What is the aftertax salvage value of the equipment?