Suppose an investor is interested in purchasing the following income producing property at a current market

price of $1,475,000. The prospective buyer has estimated the expected cash flows over the next four years to

be as follows: Year 1 = $125,000, Year 2 = $135,000, Year 3 = $140,000, Year 4 = $150,000. Assuming that the

required rate of return is 11% and the estimated proceeds from selling the property at the end of year four is

$1,600,000, what is the NPV of the project?