Moon Rhee Auto Supply, a Korean supplier of parts to Kia Motors, is evaluating an opportunity to set up a plant in Alabama, where Kia Motors has an auto assembly plant for its SUVs. The cost of this plant will be $13.5 million. The current spot rate is 946.53 Korean won per U.S. dollar. The firm is expected to use this plant for the next five years and is expecting to generate the cash flows shown below. The interest rates in the two countries are also shown below.

The firm uses a discount rate of 9 percent in Korea. What is the NPV of this project (in Korean won)?

Year 1 Year 2 Year 3|Year 4 Year 5 Cash Flow (S millions 2.3$4.2 S3.6 S5.8 $7.6 U. S. Interest Rate Korean Interest Rate 1 year 2 year 3 year_4 year 5 year | 3.10% | 3.15% | 3.22% | 3.33% | 3.40% | 3.05% | 3.07% | 3.08% | 3.55% | 3.95%