A property speculator is considering an investment in land that will be developed. He expects to invest R1 500 000 in the land. It will not be developed for three years, but at the end of year 3, he expects a cash flow of R250 000. In years 4 and 5, the cash flow will increase to R350 000, and at the end of year 5 he expects to sell the land for R1 850 000. Due to the risky nature of the investment, he requires a 13.67% return. The net present value of this investment is closest to: