2. "A large food-processing corporation is considering using new technology to speed up and eliminate waste in the potato-peeling process. The system will save the company $1,942,000 per year in labor and materials. However it will require an additional operating and maintenance (O&M) cost of $444,000. Annual income taxes will also increase by $384,000. The system is expected to have a 11 years service life and will have a salvage value of $278,000. If the company's MARR is 13.9%, what is the maximum amount that should be spent on purchasing the new technology?"