Dyrdek Enterprises has equity with a market value of $15.4 million and the market value of debt is $11.7 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 3 percent. The new project will cost $1.95 million today and provide annual cash flows of $618,800 for the next 9 years. The company's cost of equity is 8.62 percent and the pretax cost of debt is 5.2 percent. The tax rate is 21 percent. What is the project's NPV?

NPV = $