A US firm plans to invest $3 million in the Japanese market. This project is expected to generate 100 million yen in year 1,500 million yen in year 2, and 200 million yen in year 3. The discount rate is 8% and there is no salvage value at the end of year 3. However, there are some uncertainties in tax rate and exchange rate as follows: 1) The local tax rate imposed on remitted funds would be either 40% with a 30% chance or 30% with a 70% chance 1) The exchange rate over the next 3 years would be either $1 = 109 yen with a 40% chance or $1 = 101 yen with a 60% chance. Find the expected NPV based on all possible scenarios