The Horizon Company will invest $84,000 in a temporary project that will generate the following cash inflows for the next three years. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Year Cash Flow
1 22,000
2 34,000
3 58,000

The firm will also be required to spend $10,000 to close down the project at the end of the three years.

Compute the net present value if the cost of capital is 8 percent.