Billy Bob is considering building a water slide park that will require a net investment of $200,000 and yield the

following net cash flows:

Year Net Cash Flows Cert. Equiv. Factor

1 $120,000 0.90

2 $90,000 0.80

3 $60,000 0.65

4 $30,000 0.50

5 $10,000 0.30

If the risk-free rate is 8 percent and the market risk premium is 6 percent, what is the certainty equivalent NPV for this project?