4. A project requires an initial investment of $300,000 and expects to produce an after-tax operating cash flow of $150,000 per year for three years.

The asset value will be depreciated using straight-line depreciation over three years.

At the end of the project, the asset could be sold for a price of $100,000.

Assume a 21% tax rate and 15% cost of capital.

Calculate the NPV of the project.