Axis Corp. is studying two mutually exclusive projects. Project Kelvin involves an overhaul of the existing$$ system; it will cost $$$$53$ comma $500$ and generate cash inflows of $$$$24$ comma $500$ per year for the next $3$ years. Project Thompson replaces the existing$$ system; it will cost $$$$265$ comma $000$ and generate cash inflows of $$$$61$ comma $000$ per year for $6$ years. Using$$ a$($n$)9\mathrm{.}08\%$ cost of$$ capital, calculate each$$ project's NPV$,$ and make a recommendation based on your findings.

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Part $1$

The NPV of project Kelvin is $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$