To calculate the Net Present Value (NPV) of the project, we can use the following NPV formula:

$NPV = \sum_{t=1}^{n} \frac{R_t}{(1 + r)^t} - C_0$

Where:

• $R_t$ = cash inflow at time $t$ (in this case, $R_t = 12,000$ for each year),
• $r$ = discount rate (cost of capital) = 13% or 0.13,
• $t$ = year (1 through 9),
• $C_0$ = initial investment = $50,000.

Steps:

1. Construct a timeline with the initial investment of $50,000 at $t = 0$ and inflows of $12,000 for years 1 through 9.
2. Discount each inflow at 13% using the formula $\frac{12,000}{(1 + 0.13)^t}$.
3. Sum the present values of all the inflows.
4. Subtract the initial investment from the total present value of the inflows to get the NPV.

Let's calculate it step by step:

$NPV = \sum_{t=1}^{9} \frac{12,000}{(1 + 0.13)^t} - 50,000$

I'll now calculate this sum.