You are considering a three-year project that costs $1,000, and has expected cash flows of $500 at the end of the 1st year, $400 at the end of the 2nd year, and $300 at the end of the 3rd year. Given a 9% required rate of return, what is the project's net present value? [Hint: PV = FV/(1+r)] $200 -33 $27 $12