The GreenBall Inc. is evaluating the possibility of entering the golf ball manufacturing business. Last month the company spent $20mm to rent the equipment for a small scale test run. Based on the results of the test run, the company came up with the following estimates:

• The equipment has to be purchased at the beginning of the project (year 0). The original cost of the equipment is $90mm, but the company can deduct the $20mm payment it made to the equipment supplier last month for the test run if the company decides to purchase the equipment. The original cost of the equipment, $90mm, will be depreciated straight line to zero over the project's 3-year life. The end-of-life salvage value is projected to be $10mm.

• The planned factory site is currently rented out to a neighboring company. If the company decides to enter the golf ball manufacturing business, it will lose $20mm in after-tax rental income every year during the project's 3-year life.

• Sales of golf balls are projected to be $78.43mm, 192.23mm, and $141.35 mm, for years 1,2, and 3 respectively; operating expenses are estimated to be 50% of sales.

• The inflation rate is 2%.

• Interest expense associated with debt borrowed for funding this project is $1mm per year. The company is funded with both debt and equity. The project’s funding structure is same as the firm’s overall capital structure.

• Net working capital (NWC) needs are $5mm at the beginning of the project (year 0). Afterwards, NWC at the end of each year will be equal to 10% of sales for that year. At the end of the project (i.e. end of year 3), all NWC will be recovered.

• The company's tax rate is 20%, and cost of capital is 10%.

Calculate the project’s NPV. (Using a financial calculator and without Excel)