The following data relates to a project whose initial cost is kshs 200,000 has a five year life and has no salvage value. Depreciation is straight-line to zero. The required return is 12% and the tax rate is 34%.

Base case	Lower bound	Upper bound
Unit sales 6,000	5,500	6,500
Price per unit 80	75	85
Variable cost per unit 60	58	62
Fixed cost per year 50,000	45,000	65,000

Required

Determine the net present value under the base case scenario.