1. CMV LC requires an initial investment of $500,000. This project will generate a future cash flow of $100,000/year for 8 years. The WACC of the firm is 8%. The cost of equity of this firm is 12%. The cost of debt of this firm is 6%. The risk-free rate is 3%. The floatation cost of equity is 2%. The floatation cost of debt is 5%. The target debt-to-equity ratio is 0.5. What is the NPV of this project?