Assume an individual makes a lump sum investment at the beginning of year one of $21,351, the present value of which is $21,351. The investors discount rate, for an alternative safe investment, is 6.69 percent after tax. The expected return on this investment (received at each year-end) is as follows.

Year 1: 18,712

Year 2: 1,284

Year 3: 13,769

Year 4: 14,200

What is the net present value of the investment under consideration?