Air Taxi, Inc. is considering a new 3-year expansion project that requires an initial fixed asset investment of $1,129,000 million dollars. The asset will be depreciated over a 3 year tax life and have no salvage value. The project is estimated to have annual cash flows of $1,210,000 with a cost of $450,000. The tax rate is 34% percent and the required rate of return is 14% percent.

What is the project NPV?

Asset investment	$1,129,000
Estimated annual sales	$1,210,000
Costs	$ 450,000
Tax rate	34%
*Depreciation straight-line to zero over tax life	3
Required return	14%