Backspace Ltd is evaluating whether or not to go ahead with an investment in a new piece of machinery critical to improving efficiency in their largest factory. Backspace has a cost of capital of $6\%.$ Backspace$$s finance team has estimated the following cash flows related to the project.

Initial investment: $4,250,000$

Year $1$ cash flow: $275,000$

Year $2$ cash flow: $-675,000$

Year $3$ cash flow: $575,000$

Year $4$ cash flow: $3,650,000$

Year $5$ cash flow: $1,860,000$

The finance director has just said at a meeting that the initial investment includes a feasibility study cost of $250,000$ which was conducted to help aid the decision about whether or not to go ahead with the investment.

What is the NPV of this project? $($note the negative sign in year $2,$ as well as the sunk cost of research$)$