Model x is considering a new project requiring an upfront fixed-asset investment of $1,000,000 with an economic life of five years. Depreciation is taken on a straight-line basis, with no expected salvage value. Net working capital required immediately is expected to be $100,000 and will be recovered in full upon the project's completion in five years. In the optimistic-scenario forecast, the annual sales volume is 47,000 units, while the sale price is $122 per unit with a variable cost of $60 per unit. Annual fixed costs are estimated to $1,036,000. If the appropriate discount rate is 11.50% and the tax rate 30%, what is the project's NPV?

	$3,677,012
	$3,776,391
	$3,875,770
	$3,975,148
	$4,074,527