Turkey Company is considering a project which will require the purchase of $1.6 million in new equipment. The equipment will be depreciated straight-line to a zero book value over the 5-year life of the project. Turkey Company expects to sell the equipment at the end of the project for $180,000. Annual sales from this project are estimated at $1.3 million, and you will incur $100,000 in fixed costs and variable costs equal to 10% of sales. Net working capital equal to 30 percent of sales will be required to support the project and built up in the beginning. All the net working capital will be sold at the end of the project. The firm has a weighted average cost of capital (WACC) of 12 percent. The tax rate is 30 percent.

What is the NPV of this project?