JetBlue is considering a three-year investment project that requires an initial fixed asset investment of 2,340,000. The fixed asset will be depreciated straight-line to zero over its three-year tax life. The company can sell the fixed asset for $390,000 when the project closes. In addition, the project requires an initial investment of $370,000 in net working capital, but it will be fully recovered when the project ends. The project is estimated to generate $2,950,000 in annual sales, with operating costs of $1,323,000. The tax rate is 25%. What is the net present value of the project if the required rate of return is 12.23 percent?