Your firm purchased machinery with a 7-year MACRS life for $10.80 million. The project, however, will end after 5 years. If the equipment can be sold for $5.30 million at the completion of the project, and your firms tax rate is 30%, what is the after-tax cash flow from the sale of the machinery? Use the MACRS depreciation schedule. (Enter your answer in dollars, not in millions.)

Recovery Period Class Year(s)3 Year 5Year 7 Year 10 Year 15 Year 20 Year 14.29 24.49 17.49 12.49 8.93 8.92 8.93 4.46 5.00 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 3.75 7.22 6.68 6.18 5.71 5.28 4.89 4.52 4.46 4.46 4.46 4.46 4.46 4.46 4.46 4.46 4.46 2.23 20.00 32.00 19.20 11.52 11.52 5.76 10.00 18.00 14.40 11.52 9.22 7.37 6.55 6.55 6.56 6.55 3.28 2 3 4 33.33 44.45 14.81 7.41 7 10 12 13 17-20 21 otes: . Tax depreciation is lower in the first year because assets are assumed to be in service for 6 months. . Real property is depreciated straight-line over 27.5 years for residential property and 39 years for nonresidential property