Quad Enterprises is considering a new 3 year expansion project that requires an initial fixed asset investment of $2.9 million. The fixed asset will be depreciated straight line to zero over its 3 year tax life, after which time it will be worthless. The project is estimated to generate $2,190,000 in annual sales, with costs of $815,000. The tax rate is 21%. If the required return is 12.0%, What is the net present value (NPV) of the project? Given data: Asset investment $2,900,000 Estimated annual sales $2,190,000 Costs $815,000 Tax rate 21.00% Project and asset life 3 Required return 12.00%