MI Inc. is considering a new project. The firm considers the new project to be a

little riskier than its current operations. Thus, management has decided to add an

additional $2\%$ to their companies overall cost of capital when evaluating this project.

The project has an initial cash outlay of $530,000$ and projected cash inflows of S$12,000$ in year one, $$20,000$ in year two, and $$8,000$ in year three. What is the NPV of this project? Should MI accept this project?