Gaston Company is considering a capital budgeting project that would require a $2,800,000 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 12%. 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: $3,200,000 1,540,000 1,660,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $660,000 560,000 1,220,000 $ 440,000 Required: Compute the project's net present value