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Esfandiari Enterprises is considering a new three - year expansion project that requires an initial fixed asset investment of $ 2 . 9 4 million.

Esfandiari Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.94 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 $2,160,000 in annual sales, with costs of $855,000. The tax rate is 23 percent and the required return is 10 percent. What is the project's NPV?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
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