A company invests in a new project that requires an initial capital outlay of $700,000. The project will generate annual net cash flows of $185,000 over a period of 8 years. The after-tax cost of capital is 10%. In addition, a working capital outlay of $87,500 will be required. This working capital outlay will be recovered at the end of the project's life. What is the net present value of the project