A company is given the opportunity to invest in an innovative joint venture with another company. The cash flows are predicted as follows. In years 1 and 5 the company will have to make additional capital contributions to the venture to expand operations. In Year 7, after the JV has shown that it is commercially viable, the joint venture is expected to be sold to another corporation for $20 million.

The company has a "hurdle rate" of 15% on its investments. What is the most the company would be willing to pay to participate in the JV? Round your answer to the nearest whole dollar and do not put commas in your answer. Be sure to put the right sign in your answer. For example, -12435240.

CFs
0
1	($200,000)
2	$100,000
3	$300,000
4	$500,000
5	($70,000)
6	$700,000
7	$900,000	$20,000,000