PERIOD	0	1	2	3	4
EBIT		$46,000	$57,000	$70,000	$80,000

The above table illustrates earnings before interest and taxes for a capital investment project. Additional information for this project:

• initial cost of the investment = $600,000
• no change in net working capital
• tax rate = 32.0%
• depreciation = accelerated using the MACRS factors: 0.33330, 0.44450, 0.1481, 0.0741
• projected cash flow from salvage = $0
• projected erosion costs = $30,000 in Year 1 and $40,000 in Year 2

If the WACC is 11.2%, what is the net present value of this project?