The management of Martin Ltd. believes it can sell 65,000 smart watches per year at $85 per piece. They cost $50 to manufacture (variable cost). Fixed production costs run $60,000 per year. The necessary equipment costs $2,250,000 to buy and would be depreciated at a 20 percent CCA rate. The equipment would have a salvage value of $450,000 after the five-year life of the project. There would a Net Working Capital requirement of $100,000, and this would be recovered at the end of the fifth year. The discount rate is 15 percent, and the tax rate is 35 percent.

What is the PVCCATS? (Remember the 1.5 times rule)