of 32 An investment has a four-year life and costs $200,000 initially. It has an annual pre-tax operating income of $75,000 in the first year. Operating incomes are expected to increase at a rate of 5% over the life of the investment. Assuming no salvage value for the investment. The depreciation cost is $10,000 each year. The corporate tax rate is 34% and the appropriate discount rate is 11%. The NPV of this investment is $ (Note: please retain at least 4 decimals in the calculation and keep at least 2 decimals in your final answer.) re