Company X is considering investing in a project that will require an initial outlay of $500,000. The project is expected to have a life of 8 years and generate annual cash inflows of $100,000 for the first 5 years and $150,000 for the remaining 3 years. The cost of capital for this project is 10%. Calculate the net present value (NPV) of the project and advise the company whether to accept or reject the project.