A firm plans to invest in a project in Canada. The project has an initial cost of Can$318,000 and is expected to produce cash inflows of Can$126,000 per year for three years. The project will be worthless after three years. The expected inflation rate in Canada is 3.2 percent. The applicable interest rate in Canada is 12.7 percent. Assume the current spot rate is Can$1 = $1.12. What is the net present value of this project in U.S. dollars using the foreign currency approach?