You are the financial analyst for a tennis racket manufacturer. The company is considering using a graphitelike material in its tennis rackets. The company has estimated the information in the following table about the market for a racket with the new material. The company expects to sell the racket for 4 years. The equipment required for the project will be depreciated on a straight-line basis and has no salvage value. The required return for projects of this type is 12 percent and the company has a 24 percent tax rate.

	Pessimistic	Expected	Optimistic
Market size	114,000	124,000	136,000
Market share	20%	24%	26%
Selling price	$ 162	$ 167	$ 171
Variable costs per unit	$ 107	$ 103	$ 100
Fixed costs per year	$ 979,000	$ 924,000	$ 894,000
Initial investment	$ 1,366,000	$ 1,216,000	$ 1,196,000

Calculate the NPV for each case for this project. Assume a negative taxable income generates a tax credit