$AB{C}^5$

Tulip Company is evaluating a project that requires a $$143,000$ investment. The anticipated cash flows are $$52,000$ in the first year, $$23,000$ for the second year, no cash flow for the next $2$ years, $$50,000$ in the fifth year and $$2,000$ in sixth year. There is no salvage value for this project. Tulip Company currently has a $45\%$ debt and $55\%$ equity structure. Their most recent $$1000$ face value bond is selling for $$1150.$ This bond has a coupon rate of $12\%$ which are paid yearly and $9$ years to maturity. Tulip Company uses CAPM model to calculate its cost of equity. It has a beta of $1\mathrm{.}2.$ The current $9$ year Treasury Bond has a $3\mathrm{.}2\%$ yield. For the corresponding period, S&P $500$ index has a return of $18\%.$ The applicable corporate tax rate for Umbrella is $10\%.$

What is the approximate NPV of this project for Umbrella Company?