Consider a real estate project. It costs $1,000,000. Thereafter, it will produce $60,000 in taxable ordinary income before depreciation every year. Favorable tax treatment means that the project will produce $100,000 in tax depreciation write-offs each year for 10 years (nothing thereafter). For example, if you had $500,000 in ordinary income in year 2 without this project, you would now only have $400,000 in ordinary income instead. At the end of 10 years, you can sell this project for $800,000. All of this $800,000 will be fully taxable as write-up at your capital gains tax rate of 20%. If your ordinary income tax is 33% per annum, if taxable bonds offer a rate of return of 8% per annum, and tax-exempt munis offer a rate of 6% per annum, what would be the NPV of this project?