Salvage Value The asset depicted below is used in a four-year project and falls in the five-year MACRS class for tax purposes. If the tax rate is 21 percent, what is the aftertax salvage value of the asset? Refer to Table 10.7. (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) Acquisition End-of price project sale MACRS Year 1 MACRS Year 2 MACRS Year 3 MACRS Year 4 MACRS Year 5 * tableau > K TO Aftertax salvage value Acquisition Cost = $7,200,000 End-of-project sale price = $3,100,000 MACRS Year 1= 20.00% MACRS Year 2 = 32.00% MACRS Year 3 = 19.20% MACRS Year 4 = 11.52% MACRS Year 5 = 11.52% Table 10.7 Modified ACRS Depreciation Allowances Year 1 2 3 4 5 6 7 8 Property Class Three-Year Five-Year 33.33% 20.00% 44.45 32.00 14.81 19.20 7.41 11.52 11.52 5.76 Seven-Year 14.29% 24.49 17.49 12.49 8.93 8.92 8.93 4.46