Sludge Corporation has two bonds outstanding, each with a face value of exist2.35 million. Bond A is a senior bond: bond B is subordinated. Sludge has suffered a severe downturn in demand, and its assets are now worth only exist3.70 million. If the company defaults, what payoff can the holders of bond B expect? (Enter your answer in millions. Round your answer to 2 decimal places.)
Payoff of bond B exist million