Fitzgerald Industries has a new project available that requires an initial investment of $5.3 million. The project will provide unlevered cash flows of $853,000 per year for the next 20 years. The company will finance the project with a debt-value ratio of .3. The companys bonds have a YTM of 7.4 percent. The companies with operations comparable to this project have unlevered betas of 1.06, .94, 1.21, and 1.16. The risk-free rate is 4.4 percent and the market risk premium is 6.3 percent. The tax rate is 23 percent.

What is the NPV of this project?