#8. A tech firm is considering a capital expenditure project that will involve purchasing new equipment costing $15,000 with an additional $2,000 charge for delivery. Installation of the equipment is expected to be $1,200. The equipment has an expected life of 5yrs and an estimated salvage value of $8,000. The proposed project will require an additional working capital investment of $2,000. Revenues for the project are forcasted to be $19,000 per year and cash expenses are expected to be $8,000. The firm has a 35% marginal tax rate and has a15% weighted average cost of capital. Calculate the initial cash outlay for the proposed project.