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 5 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 14 percent and the company has a 24 percent tax rate.

Pessimistic Expected Optimistic

Market size 124,000 134,000 146,000

Market share 18 % 22 % 24 %

Selling price $ 152 $ 157 $161

Variable costs per unit $ 99 $ 95 $ 92

Fixed costs per year $ 971,000 $ 916,000 $ 886,000

Initial investment $ 1,635,000 $ 1,485,000 $ 1,465,000

Calculate the NPV for each case for this project. Assume a negative taxable income generates a tax credit. (A negative amount should be indicated by a minus sign.

Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)