7 The following information concerning a proposed capital budgeting project has been provided by Jochum Corporation $280,000 Investment required in equipment Salvage value of equipment Working capital requirement Annual sales Annual cash operating expenses One-time renovation expense in year 3 10,000 $630,000 60,000 The expected life of the project is 4 years. The income tax rate is 3S%. The after-tax discount rate is 9%. The company uses straight-line depreciation on all equipment and the annual depreciation expense would be $70,000.Assume cash flows occur at the end of the year except for the initial investments The company takes income taxes into account in its capital budgeting. Click here to view Exhibit 138-1 to determine the appropriate discount factoris) using table. The net present value of the project is closest to