Initial investment required for a project is estimated $65,000. There is 40% probability of success and 60% probability of failure. In case of success, initial investment at present time yields the annual income of $22000 for six years, from first to sixth year with zero salvage value. In case of failure, there will be salvage value of $50,000 at the end of first year without any annual income. Considering minimum ROR 8%, calculate the expected NPV and explain if this investment is satisfactory. Explain your work in detail including all the required equations and calculations.