Use the following information for the Quick Study below.

[The following information applies to the questions displayed below.] Following is information on an investment considered by Hudson Co. The investment has zero salvage value. The company requires a 3% return from its investments.

	Investment A1
Initial investment	$	(280,000	)
Expected net cash flows in:
Year 1		120,000
Year 2		104,000
Year 3		77,000

QS 11-12 Net present value, with salvage value LO P3

Assume that instead of a zero salvage value, as shown above, the investment has a salvage value of $31,000. Compute the investment's net present value. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round all present value factors to 4 decimal places.)