Suppose you have been hired as a financial consultant to Defense Electronics, Inc. (DEI), a large, publicly traded firm that is the market share leader in radar detection systems (RDSs). The company is looking at setting up a manufacturing plant overseas to produce a new line of RDSs. This will be a five-year project. The company bought some land three years ago for $7.3 million in anticipation of using it as a toxic dump site for waste chemicals, but it built a piping system to safely discard the chemicals instead. If the land were sold today, the net proceeds would be $7.79 million after taxes. In five years, the land will be worth $8.09 million after taxes. The company wants to build its new manufacturing plant on this land; the plant will cost $13.76 million to build. The following market data on DEIs securities are current:

Debt:	93,800 7.2 percent coupon bonds outstanding, 26 years to maturity, selling for 93.1 percent of par; the bonds have a $1,000 par value each and make semiannual payments.
Common stock:	1,860,000 shares outstanding, selling for $95.90 per share; the beta is 1.10.
Preferred stock:	88,000 shares of 6.4 percent preferred stock outstanding, selling for $93.90 per share.
Market:	7.15 percent expected market risk premium; 5.1 percent risk-free rate.

DEIs tax rate is 24 percent. The project requires $920,000 in initial net working capital investment to get operational.
		e.	Calculate the project's net present value. (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89)

What is the Net Present Value?