Alpha Industries is considering a project with an initial cost of $9.7 million. The project will produce cash inflows of $1.67 million per year for 9 years. The project has the same risk as the firm. The firm has a pretax cost of debt of 6.12 percent and a cost of equity of 11.61 percent. The debtequity ratio is .77 and the tax rate is 40 percent. What is the net present value of the project?

$222,456

$598,181

$664,645

$569,696

$691,231