A construction company is evaluating an investment project consisting in developing a new residential building on a plot of land. Thecostof the land, to be paid in t=0, is 500K andconstruction would take 2 years. Constructioncostsare estimated to be650K in t=1 and 650K in t=2. The building would then generate an annual cash flow of 250K inperpetuity, starting from t=3. If the cost of capital is 8%, the NPV of this project is closest to: