Skyline Corp. will invest $$230,000$ in a project that will not begin to produce returns until the end of the $4$ th year. From the end of the $4$ th year until the end of the $12$ th year $(9$ periods$),$ the annual cash flow will be $$48,000.$

a$.$ Calculate the net present value if the cost of capital is $11$ percent. $($Negative amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to $2$ decimal places.$)$

Net present value