Consider the following investment:

capital cost is $250 million, all of which can be depreciated in equal amounts for tax over ten years

working capital of $65 million

tax rate of 30%

net revenue of $45 million in the first year growing at 3% PA.

The investor can borrow unlimited funds at 6% PA and their discount rate for similar investments is 15 percent.

Calculate the net present value of the investment.