. Binko is building a manufacturing plant in Taiwan at a cost of $10 million. The project will last 5 years and the following cash flows (in Taiwanese dollars) are projected: Year 1: 64.3 million, Year 2: 71.2 million, Year 3: 93.6 million, Year 4: 121.8 million, Year 5: 109.6 million. The company usually uses a discount rate of 7.5 percent for domestic projects but is adding a 2.5 percent country risk premium for this project. The current spot exchange rate is 32.03 TWD/$. The risk free rate in the United States is currently 2.5 percent, and the risk free rate in Taiwan is currently 6 percent. The projected interest rates for the next four years are shown below. What is the NPV of the project?

	1 year	2 years	3 years	4 years	5 years
U. S. interest rate	2.5	2.5	2.6	2.7	2.7
Taiwan interest rate	6.9	6.7	6.4	6.2	6.2