Briarcrest Condiments is a spice-making firm. Recently, it developed a new process for producing spices. The process requires new machinery that would cost $1,968,450, have a life of five years, and would produce the cash flows shown in the following table. What is the NPV if the discount rate is 15.9 percent?

Year                                        Cash Flow

1 .......................................... $512,496

2 ......................................... $(242,637)

3 ........................................ $814,558

4 ....................................... $887,225

5 ....................................... $712,642