Medavoy Company is considering a new project that complements its existing business. The machine required for the project costs $$4\mathrm{.}8$ million. The

marketing department predicts that sales related to the project will be $$2\mathrm{.}83$ million per year for the next four years, after which the market will cease to

exist. The machine will be depreciated to zero over its $4-$year economic life using the straight$-$line method. Cost of goods sold and operating expenses

related to the project are predicted to be $30$ percent of sales. The company also needs to add net working capital of $$220,000$ immediately. The

additional net working capital will be recovered in full at the end of the project's life. The corporate tax rate is $24$ percent and the required return for the

project is $11$ percent. What is the value of the NPV for this project? $($Do not round intermediate calculations and enter your answer in dollars, not

millions of dollars, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.)$

NPV

Should the company proceed with the project?

Yes

No