The details are below.

1. The project will cost a total of $22,512,287

2. In the best case scenario (33% probability), it will generate $6,164,311 each year for 8 years.

3. In the average case (45% probability), it will generate $4,500,000 each year for 8 years.

4. However, if the market conditions are at the worst case scenario, it will generate $1,000,000 each year for 8 years.

5. The company will wait 1 year to determine if the conditions will improve to decide whether or not to invest. If the company waits the cash flows will shift back 1 year.

6. The project has a 10.98% WACC, and the risk-free rate is 3.25%.

What is the NPV of the project with the option?.

Do not round intermediate calculations. Round your final answer to the nearest dollar and type in the value without the dollar sign.