Vincent is planning to buy a house worth 188,999. Unfortunately he has irregular cash flow as shown in the table below:

	Payments
Deposit	10,000
After 1 month	15,000
After 2 months	16,000
After 3 months	17,000
After 4 months	18,000
After 5 months	19,000
After 6 months	20,000
Total	115,000

Cost of capital is 4.32% per annum compounded monthly.

(i) Based on the scheduled payments, what is the net present value?

(ii) Is Vincents offer fair?