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Falcon Crest Aces (FCA), Incorporated, is considering the purchase of a small plane to use in its wing-walking demonstrations and aerial tour business. Various information about the proposed investment follows:

Initial investment	$ 260,000
Useful life	10	years
Salvage value	$ 25,000
Annual net income generated	$ 5,800
FCA's cost of capital	7%

Assume straight line depreciation method is used.

Help FCA evaluate this project by calculating each of the following:

Required:

4. Recalculate FCA's NPV assuming the cost of capital is 3 percent. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.)

Note: Use appropriate factor(s) from the tables provided. Negative amount should be indicated by a minus sign. Round your final answer to the nearest whole dollar amount.