H. Cochran, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $

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H. Cochran, Inc., is considering a new three-year expansion
project that requires an initial fixed asset investment of
$2,290,000. The fixed asset will be depreciated straight-line to
zero over its three-year tax life, after which time it will be
worthless. The project is estimated to generate $3,130,000 in
annual sales, with costs of $2,150,000. Assume the tax rate is 25
percent and the required return on the project is 12
percent. What is the project’s NPV? (A negative
answer should be indicated by a minus sign. Do not round
intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
Net present value = __________