Suppose you are a Canadian resident. You are analyzing an overseas project with an initial cost of £50,000. The project is expected to return £10,000 the first year, £35,000 the second year and £40,000 the third year. The current spot rate is £0.5086 per C$. The nominal return relevant to the project is 11 percent in Canada. The nominal risk-free rate in Canada is 3.0 percent while it is 5.0 percent in the U.K. Assume that uncovered interest rate parity holds. What is the (approximate) net present value (NPV) of this project in Canadian dollars?