Consider the following expected net cash flows for a project: Year Expected NCF Certainty Equivalent Factor Certainty Equivalent Cash Flows 0 $(100,000) 1.0 1 80,000 0.5 2 60,000 0.5 3 70,000 0.5 4 4 10,000 0.6 5 10,000 0.4 Your boss wants you to calculate the NPV of this project and says to use the annual risk-free rate of 3% as a discount rate. Calculate NPV using this discount rate, without any risk adjustment