The cash flows for Project Z, which requires an initial investment of EUR 70,000, are given below. If the cost of capital for the project is 7%, would you accept the project based on the Net Present Value (NPV) method? Show your calculations.

Year	Cash Flows (Project Z)
(Initial Investment)	(70,000)
1	20,000
2	25,000
3	15,000
4	10,000