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 four years. The equipment required for the project has no salvage value.. The required return for projects of this type is 12 percent, and the company has a 34 percent tax rate.

	Pessimistic				Expected				Optimistic
	Market size		106,000				121,000				146,000
	Market share		21	%			24	%			26	%
	Selling price	$	151			$	156			$	162
	Variable costs per unit	$	105			$	100			$	99
	Fixed costs per year	$	966,000			$	921,000			$	891,000
	Initial investment	$	1,272,000			$	1,204,000			$	1,136,000
Calculate the NPV for each case for this project. Assume a negative taxable income generates a tax credit. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Pessimistic Expected Optimistic