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 'or S1.44 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 $1.54 million on an aftertax basis. In four years, the land could be sold for S1.64 million after taxes. The company also hired a marketing firm to analyze the zither market, at a cost of $129.000. An excerpt of the marketing report is as follows: The zither industry will have a rape expansion m the next four years. With the Wane name recognition that PUTZ brings to bear, we feel that the company will be able to sell 4.200. 5.100. 5.700. and 4.600 units each year for the next four years, respectively. Again, capitalizing on the name recognition of PUTZ. we feel that a premium price of S690 can be changed for each zither. Because zithers appear to be a fad. we fee: at the end of the four-year period, sales should be discontinued. PUTZ believes that fixed costs for the prefect will be S445.000 per year, and variable costs are 10 percent of sales. The equipment necessary for production will cost $3.9 million and will be deprecated according to a three-year MACRS schedule. At the end of the project. the equipment can be scrapped for S420.000. Net working capital of S129.CCC will be required immediately. PUTZ has a 40 percent tax rate, and the required return on the pro.ect is 14 percent. MACRS Schedule What is the NPV of the project? (Enter your answer In dollars, not millions of dollars, e g 1.234,567. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)