In 2018, a company was planning to launch a new project in Canada. The cost of the production equipment is $1,560,000. The equipment falls in CCA class 8 with a 20% rate for income tax purposes. A working capital investment of $150,000 will be required at the beginning of the project, which will be recoverable at the end the projects life in eight years. The sales forecast is based on the sale of 75,000 widgets per year. The unit selling price is $20 per widget and the unit variable cost is $6. Annual fixed cost totals $650,000. At the end of the lifetime of the project, the salvage value of the equipment is expected to be $160,000. There will be assets remaining in that CCA asset class so you can use the PV of CCA tax shield calculation. The companys income tax rate is 30% and its discount rate is 10%. This question uses the half-year rule. What is the NPV of the project? Would you recommend approval