20. Jasper Metals is considering installing a new molding machine which is expected to produce operating cash flows of $73,000 per year for 9 years. At the beginning of the project, inventory will decrease by $33,600, accounts receivables will increase by $29,800, and accounts payable will increase by $21,600. At the end of the project, net working capital will return to the level it was prior to undertaking the new project. The initial cost of the molding machine is $315,000. The equipment will be depreciated straight-line to a zero book value over the life of the project. The equipment will be salvaged at the end of the project creating an aftertax cash flow of $92,000. What is the net present value of this project given a required return of 12.2 percent?

$133,992

$114,837

$129,810

$120,057

$139,282