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	131,000	141,000	153,000
Market share	20%	24%	26%
Selling price	$ 141	$ 146	$ 150
Variable costs per unit	$ 94	$ 90	$ 87
Fixed costs per year	$ 966,000	$ 911,000	$ 881,000
Initial investment	$ 1,318,000	$ 1,168,000	$ 1,148,000

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.)

Pessimistic:

Expected:

Optimistic: