Seahawk Lines is considering the purchase of a new bulk carrier for $8 million. The forecasted revenues are $5 million a year and operating costs are $4 million, both starting one year after the purchase. A major refit costing $2 million will be required at the end of both the fifth and tenth years (t=5 and t=10). After 15 years the ship is expected to be sold for scrap at $1.5 million. Ifthe discount rate is 8%, what is the ship's NPV?