You are the chief engineer of the TELACOM printer's department and you carry out the economic study of the project to purchase a new automated press with a purchase price of $2 million. Delivery and installation costs are $150,000. The recovery value of this equipment is estimated at $650,000 in 5 years i.e. at the end of its economic life. The use of this equipment will result in a large 5-year printing contract, which will generate revenues of $800,000 per year and operating expenses of $100,000 per year for each year of the contract. The purchase of this equipment will lead to a tax-deductible depreciation (CCA: Capital cost allowance) of $300,000 per year. Given that TELACOM is taxed at a 40% rate per year and uses a 16% effective MARR (minimum acceptable rate of return) for this project, based on the present value (NPV: net present value) criterion, is this project financially profitable? Note1: The net after-tax cash flow year by year is required to develop your answer. Note 2: For this question, assume that inflation does not exist