Cromwell Industries is considering a new project which will have costs, revenues, etc. as shown by the data below. If the marginal income tax rate is at 35% and the appropriate discount rate is 8.5%, what is the NPV of this project? Please show your cash flow and NPV calculations in Excel.

Year 0 Year 1 Year 2 Year 3

Revenues 800,000 800,000 800,000

Costs of Goods Sold 320,000 320,000 320,000

Selling, General and Admin 105,000 105,000 105,000

Depreciation 200,000 200,000 200,000

Capital Expenditure 600,000

Changes to NWC -12,000 -12,000 -12,000