Consider the following expected net cash flows for a project:

Year

Expected NCF

Certainty Equivalent Factor

Certainty

Flows

$\backslash$table$[[0,1\mathrm{.}0,],[1,80,000,0\mathrm{.}5],[2,0\mathrm{.}5,],[3,60,000,0\mathrm{.}5],[4,10,000,0\mathrm{.}6],[5,10,000,0\mathrm{.}4]]$

Your boss wants you to calculate the NPV of this project and says to use the annual riskfree rate of $3\%$ as a discount rate. Calculate NPV using this discount rate, without any risk adjustment.

Answer: