Hal E. Burton can purchase a new machine (to be placed in an undisclosed location) for $1,000,000 that will provide an annual net cash flow of...

Hal E. Burton can purchase a new machine (to be placed in an undisclosed location) for $1,000,000 that will provide an annual net cash flow of $300,000 per year for five years. The machine will be sold for $100,000 at the end of year five. What is the net present value of the machine if the required rate of return is 11.5 percent? (Round your answer to the nearest $1,000.)