A company is considering an investment project that will produce an operating cash flow of $415,000 a year for five years. The initial cash outlay for equipment will be $1,318,000. An aftertax salvage value of $105,440 for the equipment will be received at the end of the project. The project requires $197,700 of net working capital that will be fully recovered. What is the net present value of the project if the required rate of return is 14 percent?

		$97,630.84
		$41,503.39
		$66,470.02
		$78,498.65
		$52,911.30