A company is considering a project with the following characteristics:

The initial cost is $660,000

The project generates EBIT of $93,060 each year for 19 years

The company plans to finance the project with $190,000 in debt

The company's beta is 1. Assume the MRP is 10.4% and the risk free rate is 4.4%

The company's current D/E ratio is 40%

The cost of debt is 6%, and assume the company pays tax at a rate of 15%

Calculate the APV