You have recently been asked by your boss to come up with an estimate of customer lifetime value for your firm's typical customer. Your firm sells high-end road and mountain bikes and related accessories. Customer contact is primarily online, through catalogs, targeted mailings, targeted e-mails, and the occasional telephone call. After some digging around and asking a lot of questions, you've been able to assemble the following information for a typical customer: Average order: $ 504 Frequency of orders: 1.3 /year Average margin: 61 % markup on retail Customer retention rate: 75 % Promotional/communication costs/yr $ 38 Your discount rate: 10 % Customer acquisition cost $ 414 Calculate the expected customer lifetime value for a new customer, rounded to the nearest dollar.