You have been hired as a consultant for Pristine Urban-Tech Zither, Inc. (PUTZ), manufacturers of fine zithers. The market for zithers is growing quickly. The company bought some land three years ago for $2.15 millon In anticipation of using lt as a toxic waste dump site but has recently hired another company to handle all toxic materials. Based on a recent appralsal, the company belleves it could sell the land for $2.35 milon on an aftertax basls. In four years, the land could be sold for $2.55 million after taxes. The company also hired a marketing firm to analyze the zither market, at a cost of $225,000. 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 5,600, 6,300, 6,900, and 5,200 units each year for the next four years, respectively Agaln, capltalizing on the name recognition of PUTZ, we feel that a premlum price of $450 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 belleves that fixed costs for the project will be $455,000 per year, and varlable costs are 20 percent of sales. The equipment necessary for production will cost $2.9 million and will be depreclated according to a three-year MACRS schedule. At the end of the project, the equlpment can be scrapped for $465,000. Net working capital of $175,000 will be required Immediately. PUTZ has a tax rate of 25 percent, and the required return on the project is 10 percent. MACRS Schedule What is the NPV of the project? (Do not round Intermedlate calculatlons. Enter your answer In dollars, not millons of dollars, and round your answer to 2 declmal places, e.g., 1,234,567.89.) Answer is complete but not entirely correct. s1.326,855.12 NPV