Best Ever Results Inc. is considering a new project. They forecast annual cash flows of $420,000 from this project over seven years. This will require an initial investment of $1,480,000. The equipment is on a ten year straight line depreciation schedule. Additionally, this project will cannibalize existing cash flows by an estimated $140,000 per year for 7 years. They can liquidate the equipment for $800,000 after seven years. The firms cost of capital is 10% and their tax rate is 20%. Calculate the NPV of this project. (Show Work)