The athletic department of the University of Southern Kansas University (SKU) is considering replacing the existing (outdated) scoreboard in its football stadium with a brand-new, state of the art scoreboard. It will cost $4 million to be incurred today (at t = 0) to purchase and install the new scoreboard. If replaced now, the old scoreboard will have a salvage value of $40,000. The scoreboard will have an expected useful life of 15 years, and can be depreciated in a straight line method. In 15 years, the scoreboard will be replaced and is expected to have a salvage value of $500,000. The university pays no taxes. The new scoreboard is expected to have major benefits for the university. First, it adds to the entertainment value for the fans, and improves their in-stadium experience. In this regard, the new scoreboard is expected to increase attendance by 10,000 fans per season, at an average ticket price of $30. Second, the new scoreboard will provide a more favorable forum for advertisers. In this regard, the departments marketing staff expects revenue to increase by $400,000 per season. However, the new scoreboard uses large amounts of electricity, and will have annual operating costs of $60,000, compared to the current existing scoreboards yearly operating costs of just $10,000. The athletic department feels that, if it does not buy the scoreboard, it could invest in an alternative project (renovating the baseball stadium) and earn an 5% return on this project. What is the project's net present value? Round your answer to the nearest whole dollar, do not include a dollar sign.