Aunt Martha plans to invest in a project in Singapore. The project requires an initial investment of SGD500,000 and is expected to produce cash inflows of SGD169,000 a year for four years. The project will be worthless after four years. The expected inflation rate in Singapore is 2.1 percent while it is 1.4 percent in the U.S. The applicable interest rate in Singapore is 3 percent. The current spot rate is SGD1 = US$.75. What is the net present value of this project in U.S. dollars using the foreign currency approach? (Find the NPV in SGD, then convert to US$ using the spot rate)