Oswego Corporation is a major producer of farm equipment. Oswego stock currently sells for $36 per share; there are 25 million shares outstanding. Oswego also has a perpetual debt outstanding with an aggregate market value of $600 million and an interest rate of 6%. The risk-free rate is also 6%, and the market risk premium is 8%. Oswego's stock has a beta of 1.75. Oswego is considering a scale-enhancing project. The project under consideration by Oswego requires an outlay of $1.5 million. The project generates an annual cash flow before interest and taxes of $466,666.67 and this cash flow is expected to continue in perpetuity. The firm's cash flow is taxed at the 40% rate. Owego will maintain its current debt ratio while financing the project.

Calculate the project's net present value using the WACC valuation method.