Doug's Products manufactures a variety of household products. The company is considering introducing a new detergent. The companys CFO has collected the following information about the proposed product. The project has an anticipated economic life of 4 years. The company will have to purchase a new machine to produce the detergent. The machine has an up-front cost (t = 0) of $2 million. The machine will be depreciated on a straight-line basis over 4 years. The company anticipates that the machine will last for four years, and that after four years, its salvage value will equal zero. If the company goes ahead with the proposed product, it will have an effect on the companys net operating working capital. At the outset, t = 0, inventory will increase by $140,000 and accounts payable will increase by $40,000. At t = 4, the net operating working capital will be recovered after the project is completed. The detergent is expected to generate sales revenue of $1 million the first year (t = 1), $2 million the second year (t = 2), $2 million the third year (t = 3), and $1 million the final year (t = 4). Each year the operating margin is expected to equal 50 percent of sales revenue. The new detergent is expected to reduce the after-tax cash flows of the companys existing products by $250,000 a year (t = 1, 2, 3, and 4). The companys overall WACC is 10 percent. However, the proposed project is riskier than the average project for Parker; the projects WACC is estimated to be 12 percent. The companys tax rate is 40 percent. What is the net present value of the proposed project? (Do not round your intermediate calculations. Enter your final answer rounded, if necessary, to 2 decimal places without the $ symbol).