MVP, Inc., has produced rodeo supplies for over 40 years. The company currently has debt-equity ratio of 43% and the tax rate is 34%. The required return on the firm's levered equity is 13%. 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	-$15,872,493
1	$5,491,645
2	$8,304,394
3	$8,180,203

The company has arranged a debt issue of $8,959,775 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