Diamond Widgets has developed a new widget. It can go into production for an initial investment in equipment of $10 million. The equipment will be depreciated straight line over 5 year to a value of zero, but in fact it will be sold after 4 years for $3,000,000. The project requires a working capital commitment of $500,000 at the outset. The working capital will be recaptured when the project ends in 4 years. The firm estimates that it will sell 2 million widgets each year; production costs will equal to $2 per widget and the widgets can be sold for $5 each. The firms tax bracket is 40%, and the required rate of return on the project is 12%.

What is project NPV to the nearest dollar?