The Bakery is considering a new project it considers to be a little riskier than its current operations. Thus, management has decided to add an additional 1.5 % to the company's overall cost of capital when evaluating this project. The project has an initial cash outlay of $62,000 and projected cash inflows of $17,000 in year one, $28,000 in year two, and $30,000 in year three. The firm uses 25 % debt and 75 % ordinary shares as its capital structure. The company's cost of equity is 15.5 % while the after-tax cost of debt for the firm is 6.1 %.  

B: What is the projected net present value of the new project?