Your firm is considering a new project. The project would last for 7 years. Your firm would have to purchase a new piece of equipment. The equipment costs $1,225,000. The equipment could be sold at the end of the project for $230,000. The project would generate revenues of $1,050,000 per year and it would have operating costs of $536,000 per year. The company would have to invest $275,000 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 9.4%. The tax rate is 27%. The CCA rate is 39%. What is the present value of the salvage value? Your answer should be correct to two decimal places