A firm is considering a new seven$-$year expansion project with an initial fixed asset investment of $$3\mathrm{.}9$ million. The fixed asset will be depreciated straight$-$line to zero over its seven$-$year tax life, after which time it will be worthless. No bonus depreciation will be taken. The project is estimated to generate $$2,479,000$ in annual sales, with costs of $$791,000.$ The tax rate is $20$ percent and the required return is $7\mathrm{.}2$ percent. What is the net present value of this project?

Instruction: Enter your response rounded to two decimal places.