11-2 Continue from Exercise 11-2 and assume the management of the Genuine Co. is considering a new 3-year expansion project that requires the initial fixed asset investment of $2.9 million. The fixed asset will be depreciated straight-line to zero over its 3-year useful life and will have a market value of $210,000 at the end of the project. The project also requires initial investment in NWC of $330,000 which can be fully recovered at end of the projects life. The project will generate $2.19 million in annual sales, with costs of $815,000. The annual interest expense incurred by the company for the debt borrowed is $650,000. The applicable corporate tax rate is 35%. Assuming the new required rate of return of 12%, calculate the projects NPV.