19. The Risk-Less Company uses the certainty-equivalent approach to adjust for the project risk. It is considering a project which requires an initial outlay of Rs 64,000 with a useful life of 5 years, and no salvage value thereafter. The expected cash flows and their certainty equivalent coefficients are as follows:

Using a discount rate of 12%, compute the risk-adjusted net present value of the investment project.

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Year Cash inflow ('000 Rs): C.E. Coefficient 1 18 22 3 4 20 21 22 12 52 : 0.95 0.90 0.85 0.85 0.70