Johny Paints is considering a project that requires an initial outlay of $500,000. The project is expected to generate annual cash flows of $120000, $200000, $45000 and $300000 at the end of year 1, 2, 3 and 4 respectively. The firm wants to finance 50% of the required capital through equity. The floatation cost is 5%. Calculate the NPV for the project when required return for the project is 10%.