A company is considering a project with the following characteristics:

• Initial investment: $200,000
• Working capital required: $113,951
• Annual cash inflows for 8 years: $39,000 per year
• Salvage value at the end of 8 years: $31,000

The working capital will be released at the end of the 8-year project. The company's discount rate is 9%. What is the Net Present Value of this project? (Use the present values tables at the beginning of the exam.) (Please round your final answer to the nearest dollar.)