Vandelay Industries is considering the addition of a new financial calculator to its existing line of college supplies. The horizon of the project is estimated to be 2 years, with the following sales forecasts: Sales_ 1=$1.0 million and Sales_2 2=$2.5 million. The project requires purchasing a machine that costs $1.5 million, and can be depreciated using the straight-line method down to zero book value over 2 years, after which the machine will be worthless. Annual costs of good sold are estimated to be 20%6 of annual sales. Net working capital requirements are estimated to be as follows: zero immediately; 20% of current year sales at t=1; and zero at t=2, when NWC will be fully liquidated. The project will use existing office space for which the company paid $1,550,000 three years ago and could be rented out for $40,000 a year to be paid at the end of each year for the next two years, Vandalay's marginal corporate tax rate is 20%. Vandalay Industries' beta of equity is 1.5 and its debt-to-equity ratio is 0.25 . The project will be financed using the same capital structure as the firm. Given their conservative debt levels, the debt can be assumed to be risk-free and the current risk-free rate is 5% per year. The market risk-premium is estimated to be 6%. What is your estimate of the NPV of the project? (Dollar figures should be approximated to the nearest cent of a dollar, while rates should be expressed in percentage terms without using the "\%" symbol and approximated to the nearest second decimal place.)