When William first pitched a new product idea to his manager, it was very well received because he did such a thorough job of researching and analyzing it. He presented a comprehensive forecast that included both possible and probable levels of returns to be earned from this investment. As a result, the company handed over the money and put William in charge of the project. The company planned to evaluate the investment based on his "probable" forecast. One year into the project, money started getting tight in other divisions of the company. Pressure was on for William to provide some proof that this 3-year investment was starting to work. As of the end of that first year, $12,000 in operating costs and $12,000 in new operating cash inflows (both reflect after-tax amounts) had been realized. William had collected the following information but clearly still only had projections for the remaining 2 years of this project. Estimated (and actual) initial project investment $15,600 Estimated annual operating cash outflows (after-tax) 12,000 Estimated operating cash inflows (after-tax): Year 1 Year 2 Year 3 Click here to view the factor table 13,100 19,700 39,100 (a) What was William's initial projection for the NPV of the cash flows at this probable level of activity, assuming an 9% discount rate? Tax effects, including any depreciation tax shield, have already been accounted for in the above amounts. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places e.g. 5,125.36. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) NPV $