In building a new facility for producing trucks, International Truck (IT) must estimate the total investment required. In the current year, IT estimates it will acquire land for the plant at $1,000,000 and modify existing plant equipment for $123,000. Next year, construction will begin and require $866,000, and further plant modifications will require $344,000. In addition, new equipment worth $140,000 will be purchased (with a 10 percent investment tax credit). The new equipment will require $250,000 of installation expense. Finally, in the next year, construction will be completed at a cost of $750,000; installation charges will total $229,000; and building modifications will require $350,000. Lastly, more new equipment will be purchased for $230,000 (with a 10 percent ITC). With a cost of capital of 10 percent, what is the present value of the initial investment required for the plant?