B company also hired a marketing firm to analyze the zither market, at a cost of $235,000. An excerpt of the marketing report is as follows: The zither industry will have a rapid expansion in the next four years. With the brand name recognition that PUTZ brings to bear, we feel that the company will be able to sell 5,700, 6,400, 7000, and 5,300 units each year for the next four years, respectively. Again, capitalizing on the name recognition of PUTZ, we feel that a premium price of $465 can be charged for each zither. Because zithers appear to be a fad, we feel at the end of the four-year period, sales should be discontinued. PUTZ believes that fixed costs for the project will be $475,000 per year, and variable costs are 25 percent of sales. The equipment necessary for production will cost $2.95 million and qualifies for 100 percent bonus depreciation in the first year. At the end of the project, the equipment can be scrapped for $475,000. Net working capital of $185,000 will be required immediately. PUTZ has a tax rate of 21 percent, and the required return on the project is 11 percent. What is the NPV of the project? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, and round your answer to 2 decimal places, e.g., 1,234,567.89.) Answer is complete but not entirely correct. NPV $ 1,220,029.57