The Halifax Corporation has 77% of its capital structure in the form of common and preferred equity capital. Only $950,000 in funds is available through normal borrowing channels. After these funds are used up, the firm will need to go to international sources of debt financing and the cost of debt will increase. The maximum amount of funds that the firm can spend on capital budgeting projects before it need to raise debt on international markets is... (Write your answer with 2 decimals.)