Your firm is considering a new project. The project would last for 6 years. Your firm would have to purchase a new piece of equipment. The equipment costs $1,200,000. The equipment could be sold at the end of the project for $310,000. The project would generate revenues of $1,095,000 per year and it would have operating costs of $424,000 per year. The company would have to invest $213,000 in operating net working capital initially. Operating net working capital would remain at this level throughout the life of the project. The project's required rate of return is 13.4%. The tax rate is 28%. The CCA rate is 43%.

What is the present value of the salvage value?