Net Present Value problem. Business investment?

you are thinking about investing in a business opportunity that has initial cost of $500000. The first 3 years you expect $0, the next three years you expect to earn $500,000 annually. What is NPV. you decide that 8% should be the risk factor.
yr 1=0 yr 2=0 yr 3=0 yr 4=500k yr 5=500k yr 6=500k
0/(1+0.08)^1 + 0/(1+0.08)^2 + 0/(1+0.08)^3 + 500k/(1+.08)^4 and so on....what is the net present value.?

i'm showing expected cashflows of 1,022891.34, then subtract cost (500,000)= $522,891. What am I not putting into the equation?

yr1 yr 2 yr 3 yr4 yr 5 yr6
0 + 0+ 0+ 367514.93+340291.6+315084.81=
$1,022891.34
- $500,000
=$522891

The answers to this question were along the lines of 300K+, 500k+, 600K+, 900K+

Richard K, I couldn't figure out where I went wrong. I'm a senior (finance) and this was a fairly easy problem. But my answer did not match any of the possible answers on the test.

You have the correct answer, $522,891.34

Additional details: Hi Shayne T. As you suggest, this is a fairly straightforward NPV problem. You have calculated it from first principles properly. I have also checked this out on an HP-12c and come up with the same answer. I think the answers were rounded down to the nearest $100,000 which brings you to $500,000 as the answer.

Hope that helps!

You seem to know what you are doing

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