Your firm is considering an expansion project that requires a fixed asset investment of $2.5 million and an initial investment in net working capital of $300,000. Net working capital will increase by 10% each year until it is recaptured at the end of the project. The fixed asset will be depreciated straight-line to zero over the 3-year project, but is estimated to have a market value of $210,000 at the end of year 3. The firms tax rate is 21%. Expected operating cash flows for the 3-year life of the project are: $1,150,000 at the end of the first year, $1,175,500 at the end of the second year, and $985,500 at the end of the third year. What is the project NPV at a 12% required return?