Problem 12-3 After tax salvage value

Kennedy Air Services is now in the final year of a project. The equipment originally cost $22 million, of which 75% has been depreciated. Kennedy can sell the used equipment today for $5.5 million, and its tax rate is 30%. What is the equipment's after-tax salvage value? Round your answer to the nearest cent. Write out your answer completely. For example, 13 million should be entered as 13,000,000.