Winter Tyme, Inc., produces coats and jackets for the Seattle market. The company is considering a new 3-year expansion project into the Portland market. The expansion requires an initial investment of $1.458 million in new plant and equipment. These assets will be depreciated straight-line to zero over its 3-year tax life, after which time the assets can be sold for $113,400. The expansion also requires an initial investment in net working capital of $162,000, but this investment will be recovered at the end of the project's life. The project is estimated to generate $1,296,000 in annual sales, with costs of $518,400. The tax rate is 33 percent and the required return on the project is 12 percent.

What is the NPV?