Winters Corp. is considering a new product that would require an after-tax investment of $1,000,000 now, at t = 0. If the new product is well received, then the project would produce after-tax cash flows of $490,000 at the end of each of the next 3 years (t = 1, 2, 3), but if the market did not like the product, then the after-tax cash flows would be only $200,000 per year. There is a 60% probability that the market will be good. Winters Corp. could delay the project for a year while it conducts a test to determine if demand is likely to be strong or weak. The project's after-tax cost and expected annual after-tax cash flows would be the same whether the project is delayed or not, however, the timing of the cash flows would change. There would be the same number of cash flows, but the cash flows would be extended out one extra year. The project's WACC is 10.0%. What is the value (in thousands) of this investment timing option to delay the project? Do not round intermediate calculations.