Bonita Corp. is thinking about opening a soccer camp in southern Ontario. In order to start the camp, the company would need to purchase land and build four soccer fields and a dormitory-type sleeping and dining facility to house 150 soccer players. Each year, the camp would be run for 8 sessions of one week each. The company would hire university soccer players as coaches. The camp attendees would be male and female soccer players aged 12 to 18. Property values in southern Ontario have enjoyed a steady increase in value. It is expected that, after using the facility for 20 years, Bonita can sell the property for more than it was originally purchased for. The company has estimated the following amounts:

Cost of land	$240,000
Cost to build dorm and facility	$480,000
Annual cash inflows assuming 150 players and 8 weeks	$752,000
Annual cash outflows	$672,000
Estimated useful life	20 years

Salvage value	$1,200,000
Discount rate	8%

a) Calculate the projects net present value.