Power Manufacturing has equipment that it purchased 7 years ago for $1,950,000. The equipment was used for a project that was intended to last for 9 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 $280,000 today. The company's tax rate is 40 percent. What is the aftertax salvage value of the equipment?