A 5-yr project has an initial requirement of $100,415 for new equipment and $8,944 for net working capital. The fixed assets will be depreciated to a zero book value over 5 years and have an estimated salvage value of $23,294. All of the net working capital will be recouped at the end of the project. The annual operating cash flow is $69,509. The cost of capital is 8% and the tax rate is 29%. What is the net present value of the project?