Review Exhibit 1 below. Also see Excel Template for the Exhibit provided under Modules. Assume an initial outlay of $3,000 in 2020 (i.e. 2020 is Year 0). Also assume that the terminal cash flow is zero and no working capital in 2020. Calculate the NPV for the project assuming a WACC of 5 percent and a tax rate of 21%.

Exhibit 1
									2021	2022	2023
Revenue									20,222	21,435	22,721
Production Costs									13144	13,933	14,769
Depreciation									310	436	462
Total Production Costs									13,454	14,369	15,231
Selling, General & Administrative									4,044	4,287	4,544
Total Operating Expenses									17,498	18,656	19,775
Operating Profit
Cash									800	850	900
Accounts receivable									1065	1130	1197
Accounts payable									1598	1694	1796
NWC
Change in NWC
Capital Expenditures									1,500	826	875