The G. Wolfe Corporation is examining two capital-budgeting projects with 5-year lives. The first, project A, is a replacement project; the second, project B, is a project unrelated to current operations. The G. Wolfe Corporation uses the risk-adjusted discount rate method and groups projects according to purpose, and then it uses a required rate of return or discount rate that has been preassigned to that purpose or risk class. The expected cash flows for these projects are given in the popup window,

PROJECT A		PROJECT B
Initial investment	$260,000		$380,000
Cash inflows:
Year 1	$140,000		$150,000
Year 2	30,000		150,000
Year 3	30,000		150,000
Year 4	80,000		150,000
Year 5	140,000		150,000

The purpose/risk classes and preassigned required rates of return are shown in the popup window,

PURPOSE	REQUIRED RATE OF RETURN
Replacement decision	9%
Modification or expansion of existing product line	15%
Project unrelated to current operations	17%
Research and development operations	20%

Determine each project's risk-adjusted net present value.

What is the risk-adjusted NPV of project A?