(Ignore income taxes in this problem.) Lumbay Company has provided the following data concerning a proposed investment project: Initial investment P861,000 Annual cash receipts P603,000Life of the project 5 years Annual cash expenses P332,000 Salvage value P129,000 The entire initial investment without any reduction for salvage value will be depreciated over 3 years. The company uses a discount rate of 11%.

What is the net present value of the project? [USE 3 DECIMAL PLACES FOR PVF]