Question: Down Under Boomerang, Inc., is considering a new three - year expansion project that requires an initial fixed asset investment of $ 2 . 6

Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2.67 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be worthless. The project is estimated to generate $2,070,000 in annual sales, with costs of $765,000. The tax rate is 21 percent and the required return is 13 percent. What is the projects NPV?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)

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