A project has an NPV, assuming all equity financing, of $1.5 million. To finance the project, debt is issued with associated flotation costs of $60,000. The flotation costs can be amortized over the project's 8 year life. The debt of $10 million is issued at 10% interest, with principal repaid in a lump sum at the end of the 8th year. If the firm's tax rate is 34%, calculate the project's APV.