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An asset used in a 4-year project falls in the 5-year MACRS class (MACRS Table) for...

An asset used in a 4-year project falls in the 5-year MACRS class (MACRS Table) for tax purposes. The asset has an acquisition cost of $15,480,000 and will be sold for $3,440,000 at the end of the project.

  

If the tax rate is 24 percent, what is the aftertax salvage value of the asset?
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