The firm used the flow-to-equity approach to evaluate its investment projects. The total cost of the investment at time 0 is 640,000. The firm uses the flow-to-equity approach because it maintains a target debt-to-value ratio throughout the life of the projects. The firm has a debt-to-equity ratio of 0.5.

The present value of the project, including debt financing is 810 994. What is the appropriate initial investment cost to use in determining the value of the project?