On January 2, Fred Critchfield paid $17,000 for 910 shares of the common stock of Acme Company. Mr. Critchfield received an $0.77 per share dividend on the stock at the end of each year for five years. At the end of five years, he sold the stock for $16,000. Mr. Critchfield has a goal of earning a minimum return of 9% on all of his investments. (Ignore income taxes.)

Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables.

Required:
a.

Determine the net present value. (Negative amount should be indicated by a minus sign. Round discount factor(s) to 3 decimal places, intermediate and final answers to the nearest dollar amount. Omit the "$" sign in your response.)