2:14 AM Pad F Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.97 million. 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 $2,170,000 in annual sales, with costs of $865,000. The tax rate is 35 percent and the required return on the project is 9 percent. What is the project's NPW? (Enter your answer in dollars, not millions of dollars, e.g. 1,234,567. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.0 NPV References eBook & Resources Learning objective: 10-01 Worksheet How to determine the relevant cash flows for a proposed project. Difficulty: Basic Section: 10.3 Pro Forma Financial Statements and Project Cash Flows 88%