Conch Republic Electronics has developed a new hi-tech personal digital assistant(PDA) and projects unit sales as follows:

Year 1 2 3 4 5

Unit Sales 70,000 80,000 100,000 85,000 75,000

Conch Republic can manufacture the new PDA for $150 each in variable costs. Fixed costs for the operation are estimated to run $4.5 million per year. The unit price of the new PDA will be $340. Net working capitol requirements will be $750,000. The necessary equipment can be purchased for $16.5 million and will be depreciated on a seven-year MACRS schedule. It is believed the value of the equipment in five years will be $3.5 million. Conch Republic has a 34 percent corporate tax rate and a 12 percent required return. Based on these preliminary project estimates, what is the NPV of the project?