What is the NPV for a project with the following characteristics?

• Initial investment is $1,700,000
• Initial investment is depreciated to $0 over its 10 year life
• Project generates incremental after-tax cash flows (OCF) of $325,000 per year over the projects life
• Project requires a net working capital (NWC) investment today of $30,000, which is recovered at the end of the project
• Assets purchased with the initial investment are expected to have a salvage value of $56,000 at the end of the project
• The firm faces a 28% tax rate
• The firm requires an effective annual return of 12% on this investment.