A company invests in a new project that requires an initial capital outlay of $792,500. The project will generate annual net cash flows of $132,500 over a period of 7 years. The after-tax cost of capital is 9%. In addition, a working capital outlay of $97,500 will be required. This working capital outlay will be recovered at the end of the project's life.

What is the net present value of the project?