Cochrane, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2,550,000. 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 $2,300,000 in annual sales, with costs of $1,290,000. The project requires an initial investment in net working capital of $165,000, and the fixed asset will have a market value of $190,000 at the end of the project. Assume that the tax rate is 35 percent and the required return on the project is 7 percent.

Requirement 1: What are the net cash flows of the project for the following years? (Do not round intermediate calculations).

Year	Cash Flow
0	$ ____
1	$ ____
2	$ ____
3	$ ____

Requirement 2: What is the NPV of the project? (Do not round intermediate calculations)

NPV

$ ____

Thank you very much!