Company X is considering purchasing Company Y. One of Company Y’s assets is a patent (which has a three-year remaining life). Management of Company X estimates the annual net cash flows from the patent as: $2,600,000 in year 1, $2,200,000 in year 2, and $2,000,000 in year 3. Assume the appropriate discount rate is 15%. What is the estimated fair value of the patent?