Fitzgerald Industries has a new project available that requires an initial investment of $4.8 million. The project will provide unlevered cash flows of $852,000 per year for the next 20 years. The company will finance the project with a debt-value ratio of .25. The companys bonds have a YTM of 7.3 percent. The companies with operations comparable to this project have unlevered betas of 1.07, .95, 1.22, and 1.17. The risk-free rate is 4.5 percent and the market risk premium is 6.1 percent. The tax rate is 22 percent.

What is the NPV of this project?