Matthew is evaluating the feasibility of purchasing a factory. He will have to make an upfront payment of $1,470,000. He will then need to invest $900,000 one year from now and $950,000 two years from now to upgrade and expand the facilities. The factory is expected to generate net returns of $380,000 from the second year onwards. He plans to sell the factory at the end of eight years for $4,000,000. His required rate of return is 15%. Using the net present value (NPV) criterion, determine if he should accept or reject this project.