Your company has been doing well, reaching $1. 14 million in earnings, and is considering launching a new product. Designing the new product has already cost $512,000. The company estimates that it will sell 814,000 units per year for $3.09 per unit and variable non-labor costs will be $1.02 per unit. Production will end after year 3. New equipment costing $1.18 million will be required. The equipment will be depreciated to zero using the 7-year MACRS schedule. You plan to sell the equipment for book value at the end of year 3. Your current level of working capital is $304,000. The new product will require the working capital to increase to a level of $386,000 immediately, then to $410,000 in year 1, $341,000 in year 2, and finally return to $304,000. Your tax rate is 35%. The discount rate for this project is 9.7%. Do the capital budgeting analysis for this project and calculate its NPV. Complete the capital budgeting analysis for this project below: (Round to the nearest dollar.)