A four-year financial project has estimates of net cash flows shown in the following table:

Year Net Cash Flow

1 $20,000

2 25,000

3 30,000

4 35,000

It will cost $65,000 to implement the project, all of which must be invested at the beginning of the project. After the fourth year, the project will have no residual value. Using these estimates of cash flows, what is the net present value assuming a 20 percent hurdle rate with no inflation? *Please conduct using Excel and show formulas