Clutch City is considering an investment in the community center that is expected to return the following cash flows.

• Year Net Cash Flow

1 21,000

2 51,000

3 81,000

4 81,000

5 101,000

This schedule includes all cash inflows from the project, which will also require an immediate $201,000 cash outlay. The city is tax-exempt; therefore, taxes need not be considered.

What is the net present value of the project if the appropriate discount rate is 8 percent?