Briarcrest Condiments is a spice-making firm. Recently, it developed a new process for producing spices. The process requires new machinery that would cost $2,196,790. have a life of five years, and would produce the cash flows shown in the following table.
| Year | Cash Flow |
| 1 |
$557,801 |
| 2 |
-251,493 |
| 3 |
849,340 |
| 4 |
866,464 |
| 5 |
886,812 |
What is the NPV if the discount rate is 12.24 percent?