Bees Industries has a new project available that requires an initial investment of $4.6 million. The project will provide unlevered cash flows of $836,000 per year for the next 20 years. The company will finance the project with a debt-value ratio of .25. The companys bonds have a YTM of 5.7 percent. The companies with operations comparable to this project have unlevered betas of 1.16, 1.09, 1.31, and 1.26. The risk-free rate is 3.1 percent and the market risk premium is 6.3 percent. The tax rate is 21 percent.

What is the NPV of this project?