O'Bannon Electronics has an investment opportunity to produce a new HDTV. The required investment on January 1 of this year is $230 million. The firm will depreciate the investment to zero using the straight-line method over four years. The investment has no resale value after completion of the project. The firm is in the 34 percent tax bracket. The price of the product will be $505 per unit, in real terms, and will not change over the life of the project. Labor costs for Year 1 will be $16.40 per hour, in real terms, and will increase at 3 percent per year in real terms. Energy costs for Year 1 will be $4.20 per physical unit, in real terms, and will increase at 2 percent per year in real terms. The inflation rate is 5 percent per year. Revenues are received and costs are paid at year-end. Refer to the following table for the production schedule: Year 1 Year 2 Year 3 Year 4 Physical production, in units 210,000 220,000 240,000 230,000 Labor input, in hours 1,215,000 1,295,000 1,455,000 1,375,000 Energy input, physical units 305,000 325,000 345,000 330,000 The real discount rate for the project is 3 percent. Calculate the NPV of this project.