Expandit Corporation is evaluating a proposed project that requires an initial outlay of $2,000,000. It is estimated that the after-tax cash inflows from the project will be $210,000 annually in perpetuity. Expandit is financed 40% with debt, the firm's cost of equity is 13%, its pre-tax cost of debt is 8%, and the tax rate is 35%. Assume the project is of similar risk to the firm's existing operations. What is the NPV of the proposed project?