Karadag A.. is performing a post-audit of a project completed one year ago. The initial estimates were

Karadag A.Ş. is performing a post-audit of a project completed one year ago. The initial estimates were that the project would cost 250,000, would have a useful life of 9 years, zero residual value, and would result in net annual cash flows of 46,000 per year. Now that the investment has been in operation for 1 year, revised figures indicate that it actually cost 260,000, will have a total useful life of 11 years, and will produce net annual cash flows of 39,000 per year. Evaluate the success of the project. Assume a discount rate of 10%.