QUESTION $2$

Calvin is considering a project that would last for $3$ years and have a cost of capital of $11\mathrm{.}73$ percent. The relevant level of net working capital for the project is expected to be $$9,570\mathrm{.}00$ immediately $($at year $0)$; $$30,500\mathrm{.}00$ in $1$ year; $$27,400\mathrm{.}00$ in $2$ years; and $$9,260\mathrm{.}00$ in $3$ years. Relevant expected operating cash flows and cash flows from capital spending in years $0,1,2,$ and $3$ are presented in the following table. What is the net present value of this project?

$\backslash$table$[[,$Year $0,$Year $1,$Year $2,$Year $3],[$Operating cash flows,$$0\mathrm{.}00,$$$53,600\mathrm{.}00,$$$53,600\mathrm{.}00,$$$53,600\mathrm{.}00$