A capital budgeting replacement project has total installed cost of $100,000 which includes both an additional working capital investment of $15,000 and an after-tax salvage from the old asset of $3,000. The new project is expected to generate annual incremental cash flows after tax of $15,000 for the next 10 years with an expected terminal value at the end of the project of $18,000. The cost of capital of the project is 13% and the firms marginal tax rate is 40 percent. Calculate the net present value of the project