Open Inc. is considering investing in a new project. Details are as follows:

Purchase price of new project machinery	$2,950,000
Previously paid travel costs to research new machinery	40,000
Additional project working capital requirements	500,000
Estimated salvage value of machine at end of 4th year	1,000,000
Working capital released at end of 4th year	200,000
PV of CCA tax shield (PVCAATS)from new machine	648,500
Additional annual interest costs as a result of the new project	60,000
Incremental annual end-of-year revenues generated by project	1,800,000
Incremental annual end-of-year expenses generated by project	450,000
Term of project	4 years

The companys corporate income tax rate is 30%, and its cost of capital is 10.75%.

Determine the NPV of the project and whether Open should accept it.