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An orcharder spends $110,000 to plant pomegranate bushes. It will take five years for the bushes to provide a usable crop. He estimates that every

An orcharder spends $110,000 to plant pomegranate bushes. It will take five years for the bushes to provide a usable crop. He estimates that every year for 20 years after that he will receive a crop worth $10,500 per year (the first year he receives the crop is year 5). If the discount rate is 9%, what is the net present value (NPV) of this investment?

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