Wilson's Antiques is considering a project that has an initial cost today of $10,067. The project has a two-year life with cash inflows of $6,344 per year. Should Wilson's decide to wait one year to commence this project, the initial cost will increase by 6% and the cash inflows will increase to $7,560 per year.

What is the value of the option to wait if the applicable discount rate is 11%? (Round answer to 2 decimal places, do not round intermediate calculations)