YVCF is in the process of assessing the attractiveness of a new project. The project has an estimated life of four years. Revenues, costs and investments are as follows:

Sales = 75,000 units/year, starting in year 1. No growth is expected.

Per unit price: $200 Up-front capital expenditure for new equipment = $3,200,000

Sales, General and Administrative costs (per year) = $1,500,000

Cost of production per unit = $100

What is the value of this project if the corporate tax rate is 35% and the cost of capital (i.e., discount rate) is 16%?