Dyrdek Enterprises has equity with a market value of $11.6 million and the market value of debt is $3.95 million. The company is evaluating a new project that has more risk than the firm. As a result, the company will apply a risk adjustment factor of 2.2 percent. The new project will cost $2.36 million today and provide annual cash flows of $616,000 for the next 6 years. The company's cost of equity is 11.39 percent, and the pretax cost of debt is 4.96 percent. The tax rate is 39 percent. What is the project's NPV?

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