An oil refinery is located 1 km north of the north bank of a straight river that is 2 km wide. A pipeline is to be constructed from the refinery to storage tanks located on the south bank of the river 7 km east of the refinery. The cost of laying pipe is $300,000 per km over land to a point P on the north bank and $600,000 per km under the river to the tanks. To minimize the cost of the pipeline, how far downriver from the refinery should the point P be located? (Round the answer to two decimal places.)