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A company is considering a project that requires a $1500 initial cost for a new machine that will be fully depreciated on a straight line basis to a salvage value of zero on a 5-year schedule. The project will require a one-time increase in the level of net working capital of $300. The project will generate an additional $1600 in revenues and $700 in operating expenses each year. The project will end at the end of year 2, which time the machinery is expected to be sold for $800. The marginal tax rate is 50%. At an 8% required return, what is the Present Value of this project?