Problem:

East Coast Television is considering a project with an initial outlay of $X (you will have to determine this amount). It is expected that the project will produce a positive cash flow of $56,000 a year at the end of each year for the next 15 years. The appropriate discount rate for this project is 8 percent. If the project has a 13 percent internal rate of return,

Required:

Question 1: What is the project's net present value?

Note: Please show how you came up with the solution.