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?

Group of answer choices -$2,186,977 -$1,822,481 -$1,422,481 -$5,047,481