A program to improve a ferry system by adding new technology has much promise. The new system will cost $5 million with an annual operating cost of $900,000 over the 30 year anticipated lifetime. The benefits are expected to be $2.0 million the first year of operation and grow at a constant rate of 2 % per year. The municipal government who runs the ferry uses a 5% discount rate to evaluate its new systems. Compute the net present value.