A firm is considering a project with an initial fixed asset cost of $2.46m which will be depreciated straight-line to a zero book value over the 10-year life of the project, at which time it will be scrapped. The project will increase revenues to the firm by $725k a year with operating expenses of $200k per year. The tax rate is 35%. If the firm requires a 10% rate of return, what is the Net Present Value of this project?