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Thurston Petroleum is considering a new project that complements its existing business. The machine required for the project costs $4.25 million. The marketing department predicts that sales related to the project will be $2.47 million per year for the next four years, after which the market will cease to exist. The machine will be depreciated to zero over its 4-year economic life using the straight-line method. Cost of goods sold and operating expenses related to the project are predicted to be 25 percent of sales. The company also needs to add net working capital of $165,000 immediately. The additional net working capital will be recovered in full at the end of the projects life. The tax rate is 23 percent and the required return for the project is 12 percent. What is the value of the NPV for this project? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.)

this is what I have and it says that

1701485.510

is wrong

2 3 5 year mac cost NWC 0 $(4,250,000.00) $ (165,000.00) S % 0 $(4,415,000.00) 1 1 $ 1,670,800.00 0.892857 2 $ 1,670,800.00 0.797194 3 $ 1,670,800.00 0.71178 4 $ 1,670,800.00 0.635518 5 $ 1,835,800.00 0.567427 -4415000.000 1491785.714 1331951.531 1189242.438 1061823.605 1041682.222 sales per year $ 2,470,000.00 $2,470,000.00 $ 2,470,000.00 $ 2,470,000.00 $ 2,470,000.00 less op cost $ 617,500.00 $ 617,500.00 617,500.00 $ 617,500.00 $ 617,500.00 less deprcti $ 1,062,500.00 $ 1,062,500.00 $ 1,062,500.00 $ 1,062,500.00 $ 1,062,500.00 Earn before tax $ 790,000.00 $ 790,000.00 790,000.00 $ 790,000.00 $ 790,000.00 less tax 23% $ 181,700.00 $ 181,700.00 $ 181,700.00 $ 181,700.00 $ 181,700.00 Net Income $ 608,300.00 $ 608,300.00 $ 608,300.00 $ 608,300.00 $ 608,300.00 add deprcti $ 1,062,500.00 $ 1,062,500.00 $ 1,062,500.00 $ 1,062,500.00 $ 1,062,500.00 add NWC $ $ $ $ $ 165,000.00 total cash flow $(4,415,000.00) $1,670,800.00 $ 1,670,800.00 $ 1,670,800.00 $ 1,670,800.00 $1,835,800.00 1701485.510

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