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Down Under Boomerang, Inc., is considering a new three - year expansion project that requires an initial fixed asset.investment of $ 2 . 9 7

Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset.investment of $2.97 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be worthless. The project is estimated to generate $2,170,000 in annual sales, with costs of $865,000. The tax rate is 24 percent and the required return is 9 percent. What is the project's NPV?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
Answer is complete but not entirely correct.
\table[[NPV ,97.584.26
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