Table 9.7 Modified ACRS depreciation allowances Property Class Year 3-Year 5-Year 7-Year 1 33.33% 20.00% 14.29% 2 44.45 32.00 24.49 34 14.81 19.20 17.49 4 7.41 11.52 12.49 5 11.52 8.93 6 5.76 8.92 7 8 8.93 4.46 An asset used in a four-year project falls in the five-year MACRS class (MACRS schedule) for tax purposes. The asset has an acquisition cost of $8,000,000 and will be sold for $1,940,000 at the end of the project. If the tax rate is 22 percent, what is the aftertax salvage value of the asset?