Holly is considering a new project. The project will require $500,000 for new fixed assets, $208,000 for additional inventory, and $36,000 for additional accounts receivable. Short-term debt is expected to increase by $165,000. The project has a six year life. The fixed assets will be depreciated straight line to a zero book value over the life of the project. At the end of the project, the fixed assets can be sold for 20% of their original cost. The net working capital returns to its original level at the end of the project. The project is expected to generate annual sales of $875,000 and costs of $640,000. The tax rate is 34% and the required rate of return is 12%. What is the net present value of this project?