Daughtry Centers is considering a new project with revenue of $522,000 per year for the indefinite future. Cash costs are 65 percent of revenue. The initial cost of the investment is $703,000. The tax rate is 21 percent and the unlevered cost of equity is 13.5 percent. The firm is financing $250,000 of the project cost with debt. What is the adjusted present value of the project? Answer: $418,633