Tangshan Mining Company is considering investing in a new mining project. The firm's cost of capital is 12 percent and the project is expected to have an initial after-tax cost of $5,000,000. Furthermore, the project is expected to provide after-tax operating cash flows of $2,600,000 in year 1, $2,400,000 in year 2, $2,200,000 in year 3, and ($1,500,000) in year 4?

(a) Calculate the project's NPV.