Quantum Corporation plans to invest in a project in Singapore. The project requires an initial investment of SGD592,000 and is expected to produce cash inflows of SGD198,000 a year for four years. The risk-free rate in Singapore is 2.60 percent and the risk-free rate in the U.S. is 2.10 percent. The current spot rate is SGD1 = USD.72. Quantum's required return on US dollar investment of this type is 9.45%. What is the net present value of this project in U.S. dollars?

$31,940

$17,472

$28,319

$20,627

$25,683