Suppose Pheasant Pharmaceuticals is evaluating a proposed capital budgeting project (project Beta) that will require an initial investment of $3,225,000. The project is expected to generate the following net cash flows:

Year Cash Flow

Year 1$375,000

Year 2$425,000

Year 3$500,000

Year 4$400,000

If Pheasant Pharmaceutical's weighted average cost of capital is 8%, what is the NPV for this project?