3. Firm ABC is considering investing in a project to reduce costs by $98,000 annually. The equipment costs $260,000, had a 4-year life (will be depreciated as a 3-year MACRS asset: 33% for the first year, 45% for the second year, and 15% for the third year), requires 22,000 initial investment in net working capital, and has a salvage value of $12,000. The required rate of return is 10%. Tax rate is 21%. What is the NPV?