Hormel Foods, an all-equity firm, is considering a new line of baloney. They estimate an initial cost for the project of $827,290. Estimated cash flows beginning at the end of year 6 (they receive the first quarterly cash flow k years from today) to the end of year 19 are expected to be $11,018 per quarter. Hormel has a market beta of 1.09. Find the NPV of the project if the expected market risk premium is 11.13% and the risk-free rate is 3.05%.

Answer is -721,164.2287