Sea Maters Inc. purchased a lot in Phenix City 6 years ago at a cost of $270,000. Today, that lot has a market value of $510,000. At the time of the purchase, the company spent $6,000 to improve the site for a future use. The company now wants to build a new facility on that site. The actual contruction cost is estimated at $1.3 million. What amount should be used as the initial cash outflow (Cf0) for this project? Please show every step in how you got the solution.