A group of businesspeople from Scott Island are considering filing an application with the state banking commission to charter a new bank. Due to a lack of current banking facilities within a 10-mile radius of the community, the organizing group estimates that the initial banking facility would cost about $2500000 to build along with another $400000 in other organizing expenses and would last for about 31 years. Total revenues are projected to be $500000 the first year, while total operating expenses are projected to reach $130000 in year 1. Revenues are expected to increase 0.07 annually after the first year, while expenses will grow an estimated 0.03 annually after year 1. If the organizers require a minimum of a 0.12 annual rate of return on their investment of capital in the proposed new bank, what is the NPV of this project?