Odeletta Corporation is considering an investment of $504,000 in a land development project. The investment will yield cash inflows of $208,000 per year for five years. The company uses a discount rate of9%. What is the net present value of theinvestment?

Present value of an ordinary annuity of$1:

8% 9% 10%

1 0.926 0.917 0.909

2 1.783 1.759 1.736

3 2.577 2.531 2.487

4 3.312 3.24 3.17

5 3.993 3.89 3.791