You are a consultant to a firm evaluating an expansion of its current business.

project are as follows:

years cash flow

0 - 100

1 - 10 +5

On the basis of the fir's stock , you believe that the beta of the firm is 1.49. Assuming that the rate of return available on risk free investments is 4% and that the expected rate of return on the market portfolio is 13%, what is the net present value of the project?