An Ocean Transfer cargo ship was forced to jettison some cargo during a severe storm. The various interests in the voyage at the time the property was jettisoned are the following: Value of the ship...

An Ocean Transfer cargo ship was forced to jettison some cargo during a severe storm. The various interests in the voyage at the time the property was jettisoned are the following:

Value of the ship $4.0 million

Value of iron ore $2.0 million

Value of lumber and wood chips $2.0 million

The captain jettisoned iron ore valued at $800,000.

What is the amount that Ocean Transfer must pay under a general average loss? Explain your answer.