A company is considering the development of a new product. The first step would be to do a feasibility study, which would cost $300,000 today. If the outcome of the feasibility study is favorable, then the company would build a prototype, which would cost $800,000 one year from now. The probability that the feasibility study outcome will be favorable is estimated to be 65%. If the prototype is successful, then the company would build a manufacturing plant, which would cost $6,000,000 two years from now. The probability that the prototype will be successful is estimated to be 70%. If the prototype is unsuccessful, then the company would sell it for $300,000 two years from now. If the product is manufactured and offered for sale, the probability that the demand will be high is estimated to be 60%, in which case the present value of the future cash flows is estimated to be $20,000,000 three years from now. The probability that the demand will be low is 40%, in which case the present value of the future cash flows is estimated to be $6,000,000 three years from now. If the companys weighted average cost of capital is 10% per year, what is the expected NPV of this product?