The XYZ Co. has a machine that it paid $1,000,000 for two years ago. The life of the old machine was thought to be seven years, at which time it would be sold for $300,000. There is a new machine on the market that sells for $2,300,000 with an estimated life of five years. It is estimated that this new machine would increase output by 10%, increasing sales revenue by $300,000 per year. In addition, this machine is expected to reduce operating costs by $300,000 annually. The new machine will have a $300,000 value in five years and the old machine can be sold now for $400,000. The tax rate for the company is 40% and the cost of capital is 14%. The company uses straight line depreciation. What is the NPV of this project?

The net present value of this investment is?