You have been hired as a consultant for Pristine Urban$-$Tech Zither, Incorporated $($PUTZ$),$ manufacturers of fine zithers. The market for zithers is growing quickly. The company bought some land three years ago for $$2\mathrm{.}9$ million in anticipation of using it as a toxic waste dump site but has recently hired another company to handle all toxic materials. Based on a recent appraisal, the company believes it could sell the land for $$3\mathrm{.}1$ million on an aftertax basis. In four years, the land could be sold for $$3\mathrm{.}3$ million after taxes. The company also hired a marketing firm to analyze the zither market, at a cost of $$375,000.$ An excerpt of the marketing report is as follows:

The zither industry will have a rapid expansion in the next four years. With the brand name recognition that PUTZ brings to bear, we feel that the company will be able to sell $7,100,7,800,8,400,$ and $6,700$ units each year for the next four years, respectively. Again, capitalizing on the name recognition of PUTZ, we feel that a premium price of $$525$ can be charged for each zither. Because zithers appear to be a fad, we feel at the end of the four$-$year period, sales should be discontinued.

PUTZ believes that fixed costs for the project will be $$755,000$ per year, and variable costs are $15$ percent of sales. The equipment necessary for production will cost $$3\mathrm{.}65$ million and will be depreciated according to a three$-$year MACRS schedule. $($MACRS Schedule$)$ At the end of the project, the equipment can be scrapped for $$615,000.$ Net working capital of $$325,000$ will be required immediately. PUTZ has a tax rate of $25$ percent, and the required return on the project is $13$ percent. What is the NPV of the project?