The Summit Petroleum Corporation will purchase an asset that qualifies for three$-$year MACRS depreciation. The cost is $$240,000$ and the asset will provide the following stream of earnings before depreciation and taxes for the next four years: Use Table $12-12.$

Year $1$ $ $110,000$

Year $2137,000$

Year $354,000$

Year $452,000$

The firm is in a $30$ percent tax bracket and has a cost of capital of $5$ percent. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Calculate the net present value.

Note: Negative amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to $2$ decimal places.

There is an error. I have calculated it several times.

Year $1110,000$ x $0\mathrm{.}33336630$

Year $2137000$ x $\mathrm{.}445=60965$

Year $354000$ x $0\mathrm{.}148=7992$

Year $452000$ x $0\mathrm{.}074=3848$

Total $109435$

Deteremine npv

$187989\mathrm{.}00$ x $0\mathrm{.}952$

$2114189\mathrm{.}50$ x $0\mathrm{.}907$

$3.40197\mathrm{.}60$ x $0\mathrm{.}864$

$437554\mathrm{.}40$ x $0\mathrm{.}823$

total PV $252971$

PV $240\mathrm{.}000$

NPV $12971$

There is an error and I cannot find it$.$