A firm just purchased a piece of machinery for $1.2 million. The machinery will be depreciated straightline over 2 years. The machinery is expected to produce items that can be sold for $3.2 million per year. The costs associated with producing the items and maintaining the machinery are $2.3 million per year. There are no fixed costs associated with this project. The firm has a tax rate of 28%. After two years the machinery is worthless and the project ends. The discount rate for this project is 17% per year. What is the present value of this project? Round all intermediate calculations to 6 decimal points. Your final answer should be within $5 of the correct answer choice. $1,293,534,96$1,712,031,56$665,790.05$1,027,218.93 A firm just purchased a piece of machinery for $1.2 million. The machinery will be depreciated straightline over 2 years. The machinery is expected to produce items that can be sold for $3.2 million per year. The costs associated with producing the items and maintaining the machinery are $2.3 million per year. There are no fixed costs associated with this project. The firm has a tax rate of 28%. After two years the machinery is worthless and the project ends. The discount rate for this project is 17% per year. What is the present value of this project? Round all intermediate calculations to 6 decimal points. Your final answer should be within $5 of the correct answer choice. $1,293,534,96$1,712,031,56$665,790.05$1,027,218.93