Please don't use Excel. Write out calculations, thank you!

2. Alexander Company The Alexander Company is considering an eight-year project that requires the use of an existing Warehouse. The warehouse was purchased last year for $2 million, and is currently rented out $120,000 per year; rent is due at the end of each year, and the rental charge will not change in the foreseeable future. The project requires an initial investment in equipment of $1.4 million. For tax purposes, this equipment will be depreciated straight-line to zero over ten years; however, the company plans to sell the equipment for $500,000 when the project ends. Sales are expected to be $4.8 million for each year of the project manufacturing costs and operating expenses will be 80% of sales. Working capital will be required, each year, working capital is estimated to be 10% of next year's sales. So, for example, the working capital required at t=0 will be $480,000. The company pays tax at the rate of 30%; the opportunity cost of capital is 15%. What is the Net Present Value of the project