Question: Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2.43 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 $1,990,000 in annual sales, with costs of $685,000. The tax rate is 30 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.)