Digital Organics (DO) has the opportunity to invest $1.03 million now (t= 0) and expects after-tax returns of $630,000 int= 1 and $730,000 int= 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.)

Please include calculation for NPV, then a table that includes year, debt outstanding at start of year, interest, intrest tax shield, PV (tax shield). Finally calculation of APV which should be the sum of NPV + PV(Tax Shield). Thank you.

Adjusted present value

$