E & J Gallo Winery Provides the date first-year net operating cash flow (at Year 1) for a proposed project. The financial staff has collected the following information on the project: Sales revenues $5 million Operating costs (excluding depreciation) 3.5 million Depreciation 1 million Interest expense 1 million The company has a 40% tax rate, and its WACC is 11%. >>>>What is the project's operating cash flow for the first year (t = 1)? Round your answer to the nearest cent.