You are considering purchasing a laundry-mat. The venture is expected to last 10 years. The following information is available: Year 1 estimated financial statements are provided in Schedule A Sales will grow by 10% per year for the first 5 years, and then grow by 1% per year starting in year 6. All costs are variable, with the exception of depreciation which is straight lined over 10 years. Washers and Dryers costing $400,000 will be purchase immediately. These appliances have a salvage value of $50,000 at the end of their useful life. On the very last day of year 5, all of the washers will require a major overhaul at a cost of $80,000. The purpose of this overhaul is to restore the equipment to its original condition, and the overhaul will not extend the life of the equipment or change its salvage value. $20,000 in cash and inventory needs to be kept on hand at all times. . Tax rate is 25%. Other tax information is in Schedule B. The investor is also considering another investment that will generate after-tax income of 10% Required: Calculate the Net Present Value of this project. Schedule A: Net Income - Year 1 Sales 230,000 Supplies expense 20,000 Utilities expense 90,000 Labour expense 60,000 Depreciation expense 35,000 Total Expenses 205,000 Net Income before tax 25,000