1. Apex Holdings is considering a 5-year capital investment project which involves a purchase an equipment priced at RM700,000, with shipping and installation costs of $20,000. The equipment has a useful life of 7 years, depreciated using simplified straight-line method and is expected to have a salvage value of $150,000 at the end of the project. At the beginning of the project, the company needs RM30,000 in net working capital which is recoverable at the end of the project. The incremental sales will be RM250,000 per year and the operating costs are expected to be 30% of sales. If the cost of capital is 10% and the marginal tax rate is 28%, calculate the NPV of the project.