Digital Organics (DO) has the opportunity to invest $1.03 million now (t = 0) and expects after-tax returns of $630,000 in t = 1 and $730,000 in t = 2. The project will last for two years only. The appropriate cost of capital is 11% with all-equity financing, the borrowing rate is 7%, and DO will borrow $330,000 against the project. This debt must be repaid in two equal installments. Assume debt tax shields have a net value of $0.20 per dollar of interest paid. Calculate the projects APV. (Do not round intermediate calculations. Rounddown your answer to the nearest whole dollar.)

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Please include calculation for NPV. Then set up a table that includes Year, Debt Outstanding at start of year, Interest, Interest Tax Shield, and PV (Tax Shield). Finally the calculation of APV which should be the addition of NPV and PV(Tax Shield). Thank you.