Twelve Inch Toes Corp. will invest $180,000 in a project that will not begin to produce returns until the fifth year. From the end of the fifth year until the end of the tenth year (6 periods), the annual cash flow will be $60,000. Use Appendix B and Appendix D.

a. Calculate the net present value if the cost of capital is 10 percent. (Round "PV Factor" to 3 decimal places. Round intermediate and final answer to the nearest dollar amount. Negative answer should be indicated by a minus sign.)

Net present value $