Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2.4 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which it will be worthless.
The project is estimated to generate $1,980,000 in annual sales, with costs of $675,000.
The tax rate is 34 percent and the required return is 18 percent.
What is the project's NPV? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)