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You are the financial analyst for a tennis racket manufacturer. The company is considering using a graphitelike material in its tennis rackets. The company has estimated the information in the following table about the market for a racket with the new material. The company expects to sell the racket for five years. The equipment required for the project has no salvage value and will be depreciated on a straight-line basis. The required return for projects of this type is 14 percent, and the company has a 35 percent tax rate.

Pessimistic Expected Optimistic

Market Size 113,000 128,000 153,000

Market Share 19% 22% 24%

Selling Price 158 163 169

Variable costs per unit 112 107 106

Fixed costs per year 973,000 928,000 898,000

Initial investment 1,625,000 1,540,000 1,455,000

Calculate the NPV for each case for this project. Assume a negative taxable income generates a tax credit. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Pessimistic=

Expected=

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