Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2.7 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which it will be worthless. The project is estimated to generate $2,400,000 in annual sales, with costs of $960,000. The tax rate is 35 percent and the required return is 15 percent. What is the projects NPV? (20 Points) Hint: PVIFA = 1-(1+r)-N/r r is the period rate. N is payments or withdrawals.