23.

Yogurt City is considering a project that has the following cash flows (in $ thousands): CF0 = $56; CF1 = $29; CF2 = $48; CF3 = $-14; CF4 = $73; and CF5 = $-45. The negative cash flow in the third year is the net amount after subtracting the cost of refurbishing the equipment from the operating cash flows for the year and the negative cash flow in the fifth year is the net amount after subtracting the environmental costs at the time of project shutdown from the operating cash flows for the year. Assuming an appropriate discount rate of 7%, what is the projects net present value (NPV)? Note: The NPV equals the present value of each year's expected cash flow minus the cost of the initial investment. If the NPV is negative, be certain to place a negative sign before your answer. Present your answer in $ thousands, rounded to one decimal place (e.g., 8.7 or -7.6).