Sabre 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. Sabre's required return on US dollar investment of this type is 9.70%. What is the net present value of this project in U.S. dollars?

		$32,910
		$16,498
		$28,610
		$20,457
		$23,236