You are considering waiting for a project that will begin next year. The project has an upfront cost of $200,000 (at t=1). Today, you know that there is a 40% chance that the cash inflows starting at t=2 will be $43,500 a year for six years and a 60% chance the cash inflows will be $20,000 a year for six years. You will know the cash flow stream with certainty at t=1 at which time you decide to make the intial investment. You will only make the investment if it makes sense to proceed with the project. What is the expected NPV of this project (with the waiting option) today? Assume WACC is 5%.