Delta Company, a U$.$S$.$ MNC$,$ is contemplating making a foreign capital expenditure in South Africa. The initial cost of the project is

ZAR$10,800.$ The annual cash flows over the five$-$year economic life of the project in ZAR are estimated to be $3,240,4,240,5,230,$

$6,220,$ and $7,200.$ The parent firm's cost of capital in dollars is $9\mathrm{.}5$ percent. Long$-$run inflation is forecasted to be $3$ percent per annum

in the United States and $7$ percent in South Africa. The current spot foreign exchange rate is ZAR per USD $=3\mathrm{.}75.$

Required:

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Required D

What is the NPV in dollars if the actual pattern of ZAR$/$USD exchange rates is: $S(0)=3\mathrm{.}75,S(1)=5\mathrm{.}7,S(2)=6\mathrm{.}7,S(3)=$

$7\mathrm{.}2,S(4)=7\mathrm{.}2,$ and $S(5)=7\mathrm{.}5?$

Note: Negative amount should be shown with a minus sign. Do not round the intermediate calculations. Round the final

answer to the nearest whole number.

NPV in USD using actual pattern