$($CHAPTER $21)$

There is a project in HappyLand that an American$-$based company would like to invest in$.$

The project would require $HHH790,000$ as initial investment.

It is also estimated to generate cash inflows equal to HHH$349,000$ a year for the next $5$ years.

After that, the project will be worthless.

The current spot exchange rate equals $HHH1=$$$3\mathrm{.}4567.$

The risk$-$free rate in HappyLand is $5\%,$ and it is $3\%$ in the U$.$S$.$A$.$

The applicable rate of return for projects in HappyLand similar to this one is $12\%.$

Calculate the Net Present Value of this project in HappyLand's currency $($i$.$e$.,$ in $"$

Increase decimal places for any intermediate calculations, from the default $2$ to $6$ or higher, and only round your final answer to TWO decimal places: for example, $10,000\mathrm{.}23$

Do NOT use "currency units" in your answer.

HINT: You won't need to use all the numbers that are given!