X Company is considering producing and selling a new product with a useful life of six years. New equipment costing $1,000,000 will have to be purchased. At the end of six years, the equipment can be sold for $30,000. In each of the first three years, cash flows from this product will be $240,000; in each of the remaining years, cash flows will increase to $257,000. If the discount rate is 4%, what is the net present value for this new product?