The following table shows the expected cash flows from a project. There are no cash flows beyond year $4.$ The cost of capital is $7\%.$

a$.$ Calculate the project's NPV$.$

Note: Do not round your intermediate calculations. Enter your answer in thousands rounded to nearest whole number.

b$.$ Calculate the economic rent in year $1.$

Note: Do not round your intermediate calculations. Enter your answer in thousands rounded to $2$ decimal places.

Answer is complete but not entirely correct.