JSL plc is considering a new investment. The capital investment required will be 2.7m (which is made at the start of the first year of operations.) In the first year it is estimated that 12,000 units will be sold. It is expected that after a successful product launch that this will increase by 25% in year 2. The project will run for five years. The initial selling price (for year 1) will be 160 per unit. Thereafter CC plc is expecting to increase the price by 3% each year. All costs are variable and are estimated to be 100 per unit in the first year and subject to inflation of 4% per year. Capital allowances will be claimed on the initial investment at 20% on a reducing balance basis. At the end of the project the investment is expected to be scrapped with no cash consideration nor cost. The written down value of the investment (i.e. the value of the initial investment less capital allowances already claimed) may be claimed as an allowance applied to the final year of the project. Corporation tax is paid one year in arrears. Tax losses can be reclaimed and will be refunded at the same time that tax due would normally be payable. Corporation tax rate is 19%. The WACC is 9.2% Calculate the NPV of the project?I