Chauhan Enterprises is considering a new three$-$year expansion project that requires an initial fixed asset investment of $$2\mathrm{.}31$ million.

The fixed asset will be depreciated straight$-$line to zero over its three$-$year tax life, after which time it will be worthless. The project is

estimated to generate $$1,785,000$ in annual sales, with costs of $$695,000.$ The tax rate is $25$ percent and the required return on the

project is $12$ percent. What is the project's NPV$?$