Aerospace Dynamics will invest $158,000 in a project that will produce the following cash flows. The cost of capital is 11 percent. (Note that the fourth years cash flow is negative.) Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Year Cash Flow 1 $ 49,000 2 59,000 3 50,000 4 (54,000 ) 5 110,000

a. What is the net present value of the project? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places.)

Net present value: