Dog Up! Franks is looking at a new sausage system with an installed cost of €390,000. This cost will be depreciated straight-line to zero over the project’s 5-year life, at the end of which the sausage system can be scrapped for €60,000. The sausage system will save the firm €120,000 per year in pre-tax operating costs, and the system requires an initial investment in net working capital of €28,000. If the tax rate is 34 per cent and the discount rate is 10 per cent, what is the NPV of this project?