A firm is considering a new seven$-$year expansion project with an initial fixed asset investment of $$3\mathrm{.}1$ million. The fixed asset will be depreciated straight$-$line to zero over its seven$-$year tax life, after which time it will be worthless. No bonus depreciation will be taken. The project is estimated to generate $$2,200,000$ in annual sales, with costs of $$713,000.$ The tax rate is $29$ percent and the required return is $7$ percent. What is the net present value of this project?