NPV (Section B)

Hello.

Here is the question I’m struggling with:
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Mukund Co is an all equity financed company that is considering a new project.
Its beta factor is 1.2 but the project has 25% more business risk.
The cashflows of the project, all in $s,
including the scrap value at time 5, are as follows:

Cashflow (200,000) 28,000 35,000 42,000 90,000 120,000
Timing ——- 0 ———- 1 ——– 2 ——— 3 ——— 4 ——— 5

The risk free rate is 6% and the return of the market is 14%.
Tax at 30% has been taken into an Islamic country,
and wishes to know what is allowable under Islamic finance.

***Calculate the net present value of the project at a cost of capital of 20%.
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I thought the answer could simply come out from
multiplying CF by the discount factor of 20%

(Yr.1 28k x 0.833) + (Yr.2 35k x 0.694) + (Yr.3 42k x 0.579)
+ (Yr.4 90k x 0.482) + (Yr.5 120k x 0.402)

which would be ($36448).

But when I checked the answer,
the Yr. 2’s CF was 75k and Yr.3’s CF was 90k instead,
and the answer was $20262.

Would you please explain me through about this problem?

Thank you.
Yujin