You are considering investing in a company that cultivates abalone for sale to local restaurants. Use the following information:

Sales price per abalone	=	$43.30
Variable costs per abalone	=	$10.60
Fixed costs per year	=	$446,000
Depreciation per year	=	$133,000
Tax rate	=	23%

The discount rate for the company is 15 percent, the initial investment in equipment is $931,000, and the projects economic life is 7 years. Assume the equipment is depreciated on a straight-line basis over the projects life and has no salvage value.

A) What is the financial break even level for the project?