Conrad Industries has a new project available that requires an initial investment of $5.1 million. The project will provide unlevered cash flows of $843,000 per year for the next 20 years. The company will finance the project with a debt-value ratio of .4. The companys bonds have a YTM of 6.4 percent. The companies with operations comparable to this project have unlevered betas of 1.23, 1.16, 1.38, and 1.33. The risk-free rate is 3.8 percent and the market risk premium is 7 percent. The tax rate is 23 percent.

What is the NPV of this project?