Rosemary Industries is considering a new project. The project will require $1,859,000 for new fixed assets. The project has a 5 year life. The fixed assets will belong in a 30% CCA class. At the end of the project, the fixed assets can be sold for 30% of their original cost. The Tax Rate is 35% and the required rate of return is 5%. Based on the given information, what is the amount of the present value of the CCA tax shield of this project?