Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.35 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be worthless. The project is estimated to generate $1,745,000 in annual sales, with costs of $655,000. The tax rate is 22 percent and the required return on the project is 12 percent.

What is the project's NPV?