A company is considering a new project it considers to be riskier than its current operations. Thus, management has decided to add an additional 3% to the companys overall cost of capital when evaluating this project. The project has an initial cash outlay of $50,000 and projected net cash inflows of $20,000 in year one, $25,000 in year two, and $30,000 in year three. The firm uses 50% debt and 50% common equity in its capital structure. The companys after-tax cost of debt is 4% while the companys cost of equity is 12%. What is the projected net present value of the new project?