For this project, you have been hired as a consultant for DrexelTech, Inc. $($DTI$),$ manufacturers of a new solar energy storage system. The market for renewable energy continues to expand globally. DTI bought some land three years ago for $$1\mathrm{.}9$ million in anticipation of using it as a toxic waste dump site but has recently hired another company to handle all toxic materials. Based on a recent appraisal, the company believes it could sell the land for $$2\mathrm{.}2$ million on an after$-$tax basis. In four years, the land could be sold for $$2\mathrm{.}4$ million after taxes. The company also hired a marketing firm to analyze the solar energy storage market, at a cost of $$275,000.$ An excerpt of the marketing report is as follows:

The solar energy storage industry will have a rapid expansion in the next four years. With the brand name recognition that DTI brings to bear, we feel that the company will be able to sell $5,200,5,900,6,500,$ and $4,800$ units each year for the next four years, respectively. Again, capitalizing on the name recognition of DTI, we feel that a premium price of $$435$ can be charged for each solar energy storage device. Because renewable energy is a rapidly changing market due to continuing technological advances, we feel at the end of the four$-$year period, sales of this product should be discontinued to make room for a more advanced product.

DTI believes that fixed costs for the project will be $$375,000$ per year, and variable costs are $20$ percent of sales. The equipment necessary for production will cost $$2\mathrm{.}85$ million and will be depreciated according to a three$-$year MACRS schedule. At the end of the project, the equipment can be scrapped for $$405,000.$ Net working capital of $$150,000$ will be required immediately. DTI has a tax rate of $22$ percent, and the required return on the project is $13$ percent. What is the NPV of the project?

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