The Snowden company is analyzing a project that is expected to increase before-tax cash flows by $6,432,000 each year for 9 years. They spent $1,200,000 on feasibility studies last year and need to spend $19,372,000 on equipment today, if they go ahead with the project. If the required return is 8.50%, and the tax rate is 25%, what is the NPV of the project? (We ignore depreciation)