A project that costs $1 million will yield annual after-tax operating cash flow (including depreciation tax shields) of $500,000 for the next five years. The firm has a D/E ratio of 0.5 and after-tax cost of equity and debt of 20% and 10%, respectively. As this project is slightly riskier than the firm's normal operations, it is decided that an adjustment factor of +3% will be added to the discount rate for the project. What is this project's NPV?