A company is considering a project with the following characteristics: - The initial cost is $700,000 - The project generates EBIT of $110,600 each year for 12 years - The company plans to finance the project with some debt. Over the life of the project, it plans to maintain the same D/E ratio as the firm now enjoys - The company's beta is 1.7. Assume the MRP is 11.9% and the risk free rate is 5.1% - The company's current D/E ratio is 45% - The cost of debt is 6.2%, and assume the company pays tax at a rate of 25% Calculate the NPV using the WACC method