A company has provided the following data concerning a proposed investment project:

Initial investment	$500,000
Life of the project (in years)	5
Working capital required	$30,000
Annual net cash inflows	$120,000
Salvage value	$150,000

The company uses a discount rate of 11%. The working capital would be released at the end of the project.

Present Value of $1, Period 1 at 11%	0.901
Present Value of $1, Period 2 at 11%	0.812
Present Value of $1, Period 3 at 11%	0.731
Present Value of $1, Period 4 at 11%	0.659
Present Value of $1, Period 5 at 11%	0.593

Present Value of an ordinary annuity of $1, period 1 at 11%	0.901
Present Value of an ordinary annuity of $1, period 2 at 11%	1.713
Present Value of an ordinary annuity of $1, period 3 at 11%	2.444
Present Value of an ordinary annuity of $1, period 4 at 11%	3.102
Present Value of an ordinary annuity of $1, period 5 at 11%	3.696

Compute the net present value of the project.