Mathematics · Net Present Value - Deferred Annuity

A proposed project will have an initial outlay of $50,000 on 1 January 20X7. The first annual net cash inflow of $20,000 is expected to occur on 31 December 20X9. Annual net inflow will remain at this level with the last receipt occurring on 31 December 20Y3 (total 5 receipts). The discount rate used to appraise such projects is 15%. What is the net present value of the project at 1 January 20X7 (to the nearest $100)?