A regional bank stores customer records in a data center whose replacement value (facility, hardware, and data reconstruction) is assessed at $4,000,000. A risk analyst determines that a major flood would damage approximately 35% of the asset value each time it occurs, and historical and geographic data indicate such a flood is likely once every 20 years. The board asks the analyst to present the figure that represents the expected monetary loss from a SINGLE flood event, so it can be compared against a proposed flood-barrier project. Which value should the analyst present?