Managers of CVS Pharmacy are considering a new project. This project would be a new store in Odessa, Texas. They estimate the following expected net cash flows if the project is adopted. Year 0: ($1,250,000) Year 1: $200,000 Year 2: $500,000 Year 3: $400,000 Year 4: $300,000 Year 5: $200,000 Suppose that the appropriate discount rate for this project is 5.5%, compounded annually.

Calculate the net present value for this proposed project.