IBM Corporation has decided to fund a series of educational programs as part of its CSR initiatives. The project is expected to incur the following costs and generate the following benefits over a five-year period:

• Initial investment: $6,000,000
• Annual program costs: $1,200,000
• Annual benefits in terms of increased goodwill and sales: $2,400,000
• Discount rate: 8%

Calculate the net present value (NPV) of the CSR project for IBM Corporation.