GLK Inc. is planning to manufacture a product based on R&D efforts which cost $ 0.8 million. It intends to acquire new equipment for $10 million that has an estimated life of 10 years. In addition, working capital will increase by $1.5 million at the outset. The firm intends to use the equipment only for the duration of the project which is 5 years. At the end of 5 years, the firm expects to sell the machine for $ 5 million. The new equipment is expected to allow additional annual sales of $5 million over the next 5 years. The associated additional raw material and labor costs are expected to be $3 million. A plant manager will be hired at an expense of $100,000/year. The accounting department has allotted $0.7 million of overhead to the project. The project's cost of capital is 10%. The firm's tax rate is 40%. The annual depreciation charge on the new machine for tax purposes is $1.2 million for the first 5 years. What is the project's NPV?