A proposed investment has the following characteristics.

Initial investment: 700,000

Expected scrap value: nil

Net annual pre-tax cash inflow: 140,000

Corporation tax rate: 30%

Expected life of investment: 10 years

Discount rate: 13%

Capital allowances: Straight line basis over the life of the project.

What is the after-tax net present value of this project? (Round your answer to the nearest hundred pounds and assume tax is paid in the year that profits arise)