(Incremental cash flows and NPV) The miller corporation is considering a new product. An outlay of 6 million is required for equipment to produce the new product, and additional net working capital of $500,000 is required to support production and marketing. The equipment will be depreciated on a straight line basis to a zero book value over 8 years. Although the depreciable life is 8 years, the project is expected to have a productive life of only 6 years, and it will have a salvage value of 0 at that time (removal cost=scrap value). Revenues minus expenses for the first two years of the project will be 5 million per year but, because of competition, revenues minus expenses in 3 years through 6 will be only 3 million. The cost of capital for this project is 16%, and the relevant tax rate is 35%. Compute the NPV of miller's new product.