A choice must be made between two projects, A and B. The following information is provided on each project:

	Year	Project A	Project B
(i) Initial investment (ii) Annual net cash inflows:	1 2 3 4 5	R22 000 R10 000 R8 000 R6 000 R4 000 R3 000	R22 000 R3 000 R4 000 R6 000 R8 000 R10 000
		R31 000	R31 000
(iii) The current cost of capital is 15%

Future-value Factors

Period (n)	5%	10%	15%
1	1.0500	1.1000	1.1500
2	1.1025	1.2100	1.3225
3	1.1576	1.3310	1.5209
4	1.2155	1.4641	1.7490
5	1.2763	1.6105	2.0114

Discounting Factors

Period (n)	5%	10%	15%
1	0.9524	0.9091	0.8696
2	0.9070	0.8264	0.7561
3	0.8638	0.7513	0.6575
4	0.8227	0.6830	0.5718
5	0.7835	0.6209	0.4972

The Net present value for Project B is?