Alpha Industries is considering a project with an initial cost of $9.6 million. The project will produce cash inflows of $1.79 million per year for 8 years. The project has the same risk as the firm. The firm has a pretax cost of debt of 6.09 percent and a cost of equity of 11.59 percent. The debtequity ratio is .76 and the tax rate is 39 percent. What is the net present value of the project?

• $525,397

• $551,667

• $228,649

• $612,963

• $637,482