JP Inc is considering a new three year expansion project that requires an initial fixed asset investment of RM2.4 million. Also, JP Inc spent RM5,000 last year investigating the feasibility of the project. The fixed asset will be depreciated straight line to zero over its three year tax life, after which it will be worthless. Suppose the project requires an initial investment in net working capital of RM285,000 and the fixed asset will have a market value of RM225,000 at the end of the project. The project is estimated to generate RM2,050,000 in annual sales, with costs of RM950,000. The tax rate is 35% and the required rate of return is 12%. What is the project's net present value?