A project has an initial outlay of 25million and spends 1.6million a month to create products to sell for the next 5 years. It sells these products 3 months after they have been made, so the first products are sold after 4 months, and makes 2.5million a month. There is an effecive interest rate of 10% per annum.

Calculate the present values of the outlays, the present values of the receipts and then deduce the net present value of the project.