Plastic division has an expansion opportunity that costs 600,000, with a residual value of 0 and a useful life of 5 years. Assume Straight Line depreciation for accrual purposes and MACRS for taxes (finished plastic product mold, use Pub 946 and the half year convention). The cost of capital (minimum required return) is 15 percent and the effective tax rate is 22 percent. The annual sales increase due to this project is 315,000 with 90 percent in cash for the year and a contribution margin ratio of 55 percent. The increase in working capital is 10,000 dollars, which will be fully returned at the end of the useful life of the project. Their marginal tax rate is 21 percent.

Find the NPV of project cash flows WITHOUT the effect of income taxes.