(Stock repurchase andtaxes) The Barryman Drilling Company is planning on repurchasing $1.09 million worth of thecompany's 550,000 shares ofstock, which is currently trading at a price of $10.87 per share. Stan Barryman is the founder of the company and still holds 10,000 shares of company stock that he originally purchased for $7.89 per share. If Stan decides to sell 2,200 of his shares for $10.87 ashare, what will be hisafter-tax proceeds where capital gains are taxed at 15 percent?

Stan's after-tax proceeds from the sale are $_____ (Round to the nearestdollar.)