The Caraway Seed Company sells specialty gardening seeds and products primarily to mail-order and Internet customers. The firm has $ 218,000 available for distribution as a cash dividend immediately and plans to shut down its business at the end of one year, at which time it will be prepared to pay a liquidating dividend of $1.27 million to the firm's stockholders. The firm's shareholders require a 9.5 percent rate of return for investing in the all-equity-financed firm.

If Caraway's board of directors decides to pay a $615,000 dividend today to its existing shareholders using an equity offering selling new shares of common stock to raise the additional $397,000 it needs to make the cash dividend, the value of the existing shares of stock will be $ ( ). (Round to the nearest dollar.)