Gaston Company is considering a capital budgeting project that would require a $2,300,000 investment in equipment with a useful life of five years and no salvage value. The company's tax rate is 30% and its after- tax cost of capital is 13%. It uses the straight-line depreciation method for financial reporting and tax purposes. The project would provide net operating income each year for five years as follows: Sales $3,100,000 Variable expenses 1,690,000 Contribution margin 1,410,000 Fixed expenses Advertising, salaries, and other fixed $530,000 out-of-pocket costs Depreciation 460,000 Total fixed expenses 990,000 Net operating income 420,000 Required: Compute the project's net present value. (Use Microsoft Excel to calculate present values, and do not round intermediate calculations. Enter cash outflows as negative numbers.)