Houndlight is considering openning a new store in Brisbane. Houndlight must open the new store either now or in exactly one year. If Houndlight opens the store now, it will cost Houndlight $3 million immediately to open the new store. Houndlight expects to receive an annual cash flow of $830000 in perpetuity. Houndlight has the option to close the store at the end of the third year and sell the store for $25.361 million. If Houndlight opens the store in one year, the probability of market demand being high and low is 56% and 44%, respectively. If the market demand is high, Houndlight will spend $6.1 million to open the new store, and expect to receive an annual cash flow of $890000 in perpetuity. If the market demand is low, Houndlight will spend $3.05 million to open the new store, and expect to receive an annual cash flow of $534000 in perpetuity. The cost of capital for this project is assumed to be 3.6%. The NPV of this project for Houndlight is closest to: