Your firm is considering purchasing a new machine. The machine costs $1,825,000. The machine could be operated for 10 years at which time it could be sold for $385,000. The new machine will not generate any additional revenues for the company. However the new machine would reduce (decrease) annual operating costs by $265,000 per year. The project's required rate of return is 11.2%. The tax rate is 19.5%. The CCA rate is 22%. What is the present value of the operating cash flow in the list approach? Your answer should be correct to two decimal places