Quillen Company is performing a post-audit of a project completed one year ago. The initial estimates were that the project would cost $223,647, would have a useful life of 9 years, zero salvage value, and would result in net annual cash flows of $43,100 per year. Now that the investment has been in operation for 1 year, revised figures indicate that it actually cost $240,278, will have a useful life of 11 years, and will produce net annual cash flows of $37,811 per year.

Evaluate the success of the project. Assume a discount rate of 11%. (If the net present value is negative, use either a negative sign preceding the number eg -45 or parentheses eg (45). Round present value answers to 0 decimal places, e.g. 125. Round Discount Factor to 5 decimal places, e.g. 0.17986.)

a. calculate original estimate net present value

b. calculate revised estimate net present value

c. was this project a success? Yes or No?