CCM Ltd is planning to introduce a new product. It expects to sell 10,000 units per year and generate $50 as net cash flow per unit. The initial investment in manufacturing equipment is $2,000,000. PLM can abandon the product line after the first year and sell the manufacturing equipment for $1,600,000. The relevant discount rate is 15%. The life of the project is 10 years. (a) Calculate the NPV for the investment ignoring the abandonment option. (7 marks)