The sales forecast for a new product is estimated as follows:

year	Tons per year
1	2000
2	2400
3	3500
4	4500
5	1500

The following economic parameters have been established:

Total capital investment (TCI) = R5.2 million

Working capital = 15% of TCI

Salvage value after 5 years = R1.2 million

Fixed costs = R600 000 per annum

Variable costs per unit = R320/ton

Selling price per unit = R1 320

The tax rate is 48%.

Using the declining balance depreciation method, calculate the NPV at an interest rate of 15%.