A retailer is considering whether to open a new shop on a vacant block of land it owns. If the company goes ahead with the project, it will construct a new building at a cost of $2,577,000. It will also incur additional expenses of $418,000. The tax office has ruled that the building can be depreciated straight-line over 10 years, but the additional expenses are immediately tax-deductible. The land was purchased ten years ago at a cost of $2,097,000 and is worth $8,495,000 today. Setting up the new shop will require inventory of $190,000. What is the initial cash flow of the project, if the corporate tax rate is 30%? (make sure you indicate outflow as"-" and inflow are positive numbers. Only show the total value at the start of the project)