A company is considering a project with the following characteristics:

Initial cost of equipment: $120,000

Cash inflows in years 1-12: $20,462

Annual equipment depreciation: $10,000

The project requires no working capital and the equipment will have no salvage value at the end of its 12-year life. The company's discount rate is 12%. What is the net present value of this project? (Use the present values tables at the beginning of the exam.) (Please round to the nearest dollar.)