Apple is investigating a new software upgrade. This upgrade will cost $110,000 at the beginning. This is not a new project, so it holds the same as the current operations. Apple has a debt-equality ration of 45% and uses only common stock and debt fiance projects like these. Their after tax cost of the debt is 4.8%, and the cost of equality is 12.7%. The tax rate is 35%.

Cash receipts from the project are expected to be $65,000 in year 1 and $74,000 in year 2. What is the NVP?