Alex is investigating a potential R&D project for her company. The research will cost $50 thousand per year at the start of each of the first five years. If the project is successful, then the project will produce value at the end of year 10 equal to an after-tax $1 million. If unsuccessful, all of the work will be useless. The companys required return is 12%.

If the project is a success, what is the NPV?