An all equity financed project has a $5-$year life and is expected to generate the following net income:

year $1$: $$99$

year $2$: $$74$

year $3$: $$111$

year $4$: $$110$

year $5$: $$102$

The project has no working capital. The production equipment for the project was purchased at time $0$ for $$965$ and depreciated straightline to $$0$ over the life of the project. The equipment has no salvage value at the end of the project.

The project cost of capital is $10\mathrm{.}6\%.$ The tax rate is $22\%.$

How much lower is the project NPV calculated based on expected cash flows vs the project NPV based on expected NI$?$ Give your answer to the nearest whole dollar.An all equity financed project has a $5-$year life and is expected to generate the following net income:

year $1$: $$99$

year $2$: $$74$

year $3$: $$111$

year $4$: $$110$

year $5$: $$102$

The project has no working capital. The production equipment for the project was purchased at time $0$ for $$965$ and depreciated straightline to $$0$ over the life of

the project. The equipment has no salvage value at the end of the project.

The project cost of capital is $10\mathrm{.}6\%.$ The tax rate is $22\%.$

How much lower is the project NPV calculated based on expected cash flows vs the project NPV based on expected NI$?$ Give your answer to the nearest whole

dollar.