East Coast Television is considering a project with an initial outlay of $X (you will have to determine this amount). It is expected that the project will produce a positive cash flow of

$56,000 a year at the end of each year for the next 14 years. The appropriate discount rate for this project is 9 percent. If the project has an internal rate of return of 11percent, what is the

project's net present value?

a.If the project has an internal rate of return of 11%, then the project's initial outlay is ____