XYC, LLP is considering a new three-year expansion project that requires an initial fixed asset investment of $2.9 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be worthless. The project is estimate to generate $2,190,000 in annual sales, with costs of $815,000. The tax rate is 21 percent. If the required return is 12 percent, what is the project's NPV? Asset investment Estimated annual sales Costs Tax rate Project and asset life Required return 2,900,000 2,190,000 815,000 21% 3 12% Complete the following analysis. Do not hard code values in your calculations. Sales Costs Depreciation EBIT Taxes Net income OCF NPV *Hint - Use the PV formula instead of NPV but still add the last step of the NPV as usual