DBCInc. is considering a 7-year project which requires a $45,000 machine. The CCA rate is 20%and it will be sold for $8,200when the project ends. The machine is the only asset in the asset class. The project is expected to generate before tax cash flows of $19,500per year for 7years. The firm's target debt-to-equity ratio is 0.7. If the project is financed by all equity, the cost of capital would be 14%. The corporate tax rate is 25%. DBC can finance half of the machine cost by borrowing from the provincial government at 3%, which is 2% lower than its cost of debt. However, DBC is required pay 1.6% flotation cost and to repay one third of the loan at the end of year 3and the remaining balance at year 7.Using the adjusted present value method, calculate the NPV of the project.