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?