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The McGregor Whisky Company is proposing to market diet scotch.The product will first be test-marketed for two years in southernCalifornia at an initial cost of $630,000. This test launch is notexpected to produce any profits but should reveal consumerpreferences. There is a 56% chance that demand will besatisfactory. In this case McGregor will spend $6.3 million tolaunch the scotch nationwide and will receive an expected annualprofit of $830,000 in perpetuity. If demand is not satisfactory,diet scotch will be withdrawn.Once consumer preferences are known, the product will be subjectto an average degree of risk, and, therefore, McGregor requires areturn of 14% on its investment. However, the initial test-marketphase is viewed as much riskier, and McGregor demands a return of22% on this initial expenditure.What is the NPV of the diet scotch project? (A negativeanswer should be indicated by a minus sign. Do not roundintermediate calculations. Round your answer to the nearest wholedollar amount.)Net present value $