A firm is considering a replacement project with more efficient equipment. After spending $$50,000$ on consulting and a market study several months ago, the firm estimates the incremental sales per year is $$500,000$ and the incremental costs per year is $$200,000$ with the new equipment. It purchased the old equipment $10$ years ago for $$1,500,000$ which has depreciated down to $$0$ book value. If you sell the old equipment today, the market value is $$150,000.$ The new equipment will cost $$2,000,000.$ In order to make the new equipment operational, the firm has to spend $$200,000$ for installation and $$100,000$ for necessary training of its employees. The firm also has to invest in additional working capital that costs $$150,000$ if the current equipment is replaced. The marginal tax rate of the firm is $21\%.$ What is the initial outlay of this project to replace the current equipment?