The currency of Peru is the Peruvian Nuevo Sol (NS). Minhas Brewery of Calgary recently decided to invest 400 million NS for expansion in Peru.

Minhas expects to generate 100 million NS per year for 3 years (free cash-flow, after taxes). The NS is a floating regime. Spot today is 2.90 NS/CAD. The NS is expected to appreciate by 3% per year against the CAD. After three years, Minhas expects to sell the business for 280 million NS (in year 3). Minhas required rate of return is 12%.

Calculate the NPV of this project, using the assumptions given above.