Tencent is considering a new add-on for its social media platform. The project has an initial investment cost of $28 million and will return $11.75 million a year in real terms over the next 3 years (assume cash flows occur at the end of the year). Because of changing economic conditions, you expect inflation to be 7% for all years after the first payment in T1. The project WACC applicable for all periods is 11%. Calculate the NPV of the project. Show all work in your Excel worksheet.

- $27.00
	$2.63
	$6.88
	$4.61
	None of the options listed.

Use Excel to show work pls.