Cardinal Company is considering a project that would require a $2,985,000 Investment In equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $400,000. The company's discount rate is 16%. The project would provide net operating Income each year as follows: $2,737,000 1,001,000 1,736,000 Sales Variable expenses Contribution margin Fixed expensest Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $ 610,000 517 000 1,127,000 5 609,000 Click here to view Exhibit 104 and Exhibit:10-2. to determine the appropriate discount factor(s) using tables. Required: What is the present value of the equipment's salvage value at the end of five years? (Round discount foctor(s) to 3 decimal places and final answer to the nearest dollar amount.) Present value