Your firm is considering a new project. The project would last for 3 years. Your firm would have to purchase a new piece of equipment. The equipment costs $1,490,000. The equipment could be sold at the end of the project for $700,000. The project would generate revenues of $1,700,000 per year and it would have operating costs of $936,000 per year. The company would have to invest $275,000 in operating net working capital initially. Operating net working capital would remain at this level throughout the life of the project. The project's required rate of return is 12.9%. The tax rate is 24.5%. The CCA rate is 37%.

What is the present value of the operating net working capital recovered at the end of the project?

Your answer should be correct to two decimal places.