A 3-year, cost-cutting project will increase after-tax operating cash flows by $48,500 year. The machine costs $86,000 and initially requires a $20,000 investment n inventory which will be liquidated at the end of the project. If the tax rate is 30 percent, what is the NPV of the project if the cost of equity for the firm is 15%? The firm has no debt and does not issue preferred stock. Show calculations.