You estimate that a company is worth $519,259 on a stand-alone basis. Additionally, you estimate that the company can generate additional free cash flow of $15,000 per year for the first 9 years. The company also has unused tax benefits with a present value of $99,991. If the cost of equity is 11%, what is the present value of the synergies to the acquisition? Round to the nearest whole dollar.

The present value of the synergies to the acquisition is $