Monroe, Inc. is evaluating a project. The company uses a 13.8 percent discount rate for this project. Cost and cash flows are shown in the table.
Required:
Question: What is the NPV of the project?
Year Project
0 ($11,368,000)
1 $ 2,127,590
2 $ 3,787,552
3 $ 3,275,650
4 $ 4,115,899
5 $ 4,556,424
Please explain in detail and also provide step by step solution.