When Anthony first pitched a new product idea to his manager, it was very well received because he did such a thorough job of researching and analyzing it$.$ He presented a comprehensive forecast that included both possible and probable levels of returns to be earned from this investment. As a result, the company handed over the money and put Anthony in charge of the project. The company planned to evaluate the investment based on his "probable" forecast.

One year into the project, money started getting tight in other divisions of the company. Pressure was on for Anthony to provide some proof that this $3-$year investment was starting to work. As of the end of that first year, $$12,000$ in operating costs and $$12,000$ in new operating cash inflows $($both reflect after$-$tax amounts$)$ had been realized.

Anthony had collected the following information but clearly still only had projections for the remaining $2$ years of this project.

Estimated $($and actual$)$ initial project investment

Estimated annual operating cash outflows $($after$-$tax$)$

Estimated operating cash inflows $($after$-$tax$)$:

Year $1$

Year $2$

Year $3$

Year $3$

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$($a$)$

What was Anthony's initial projection for the NPV of the cash flows at this probable level of activity, assuming an $9\%$ discount rate? Tax effects, including any depreciation tax shield, have already been accounted for in the above amounts. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $2$ decimal places e$.$g$.5,125\mathrm{.}36.$ Enter negative amounts using either a negative sign preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$

NPV $ $$