MVP, Inc., has produced rodeo supplies for over 26 years. The company currently has debt-equity ratio of 48% and the tax rate is 20%. The required return on the firm's levered equity is 17%. The company is planning to expand its production capacity. The equipment to be purchased is expected to generate the following unlevered cash flows:

Year	Cash Flow
0	-$14,946,773
1	$5,408,833
2	$8,265,362
3	$8,473,748

The company has arranged a debt issue of $8,606,641 to partially finance the expansion. Under the loan, the company would pay interest of 8.8% at the end of each year on the outstanding balance at the beginning of the year. The company also would make year-end principal payments of one third of the debt, completely retiring the issue by the end of the third year.

Compute the NPV as an all equity company