A project requires a $$48,000$ initial investment and is expected to generate end$-$of$-$period annual cash inflows of $$22,000$ for each

of three years. Assuming a discount rate of $12\%,$ what is the net present value of this investment? Selected present value factors for

a single sum are shown in the table below:

$i=12\%,i=12\%,i=12\%$

$n=1,n=2,n=3$

$0\mathrm{.}8929,0\mathrm{.}7972,0\mathrm{.}7118$

Multiple Cholce

$$0$

$$9,667$

$$(15,851)$

$$4,842$

$$52,842$