Your firm is considering a new project. The project would last for 8 years. Your firm would have to purchase a new piece of equipment. The equipment costs $1,400,000. The equipment could be sold at the end of the project for $280,000. The project would generate revenues of $1,080,000 per year and it would have operating costs of $488,000 per year. The company would have to invest $89,000 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 14.2%. The tax rate is 20%. The CCA rate is 45%.

What is the present value of the salvage value?

Your answer should be correct to two decimal places.