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 $22$ percent tax rate.

Pessimistic Expected Optimistic

Market size $127,000137,000149,000$

Market share $18\%22\%24\%$

Selling price $ $146$ $ $151$ $ $155$

Variable costs per unit $ $96$ $ $92$ $ $89$

Fixed costs per year $ $968,000$ $ $913,000$ $ $883,000$

Initial investment $ $1,620,000$ $ $1,470,000$ $ $1,450,000$

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