What is the NPV of an investment with the following information:

• Initial investment at time t=0 is $3,200,000
• Life of project is 8 years
• Initial investment depreciated to $0 via straight-line over entire life
• NWC investment required = $30,000, recovered at end of project.
• Expected market salvage value of investment assets = $90,000 received at end of project.
• Starting 1-year from today, and remaining constant over project life:
• Incremental sales as a result of investment = $2,000,000 / year
• Incremental expenses as a result of investment = $1,300,000 / year
• firm' tax rate = 28%
• required return on investment = 16%