EBike, Inc. is considering opening a new product line for its Arlington factory to meet the demand for solar- charged e-bikes. The proposed project has the following features: The project has an initial cost of $30,000,000 for manufacturing equipment related investments. The firm just spent $450,000 for a marketing study to determine consumer demand (@t-0). The project will utilize unused factory floor space that could otherwise be leased for 5 years for a one time upfront payment of $332,800 (@t-0). If the project is undertaken, at t=0 the company will need to increase its inventories by $4,500,000, accounts receivable by $1,600,000, and its accounts payable by $2,500,000. This net operating working capital will be recovered at the end of the project's life. If the project is undertaken, the company will realize an additional $14,000,000 in sales over each of the next five years. (i.e. project related sales in each year are $14,000,000) The company's operating cost (not including depreciation) will equal 45% of sales. The company's tax rate is 35 percent. Use a 3-year MACRS depreciation schedule (provided below). At t = 5, the project is expected to cease being economically viable and the equipment will be sold for $5,500,000. The project's WACC = 10 percent Assume the firm is profitable and able to use any tax credits (i.e. negative taxes). What is the project's NPV? Round to nearest whole dollar value. Year 1 33.33% Year 2 45.45% Year 3 14.81% Year 4 7.41%