An oil refinery is located on the north bank of a straight river that is 1 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 $500,000/km over land to a point P on the north bank and $1,000,000/km under the river to the tanks. To minimize the cost of the pipeline, how far (in km) from the refinery should P be located?