Your company has been doing well, reaching $1.01 million in earnings, and is considering launching a new product. Designing the new product has already cost $550,000. The company estimates that it will sell 804,000 units per year for $2.98 per unit and variable non-labor costs will be $1.19 per unit. Production will end after year 3. New equipment costing $1.11 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 $302,000. The new product will require the working capital to increase to a level of $371,000 immediately, then to $400,000 in year 1, $340,000 in year 2 and finally return to $302,000. Your tax rate is 35%. The discount rate for this project is 9.8%. 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.) The NPV of the project is $ (Round to the nearest dollar.)