A company is considering the purchase of equipment for a new product. An engineering and cost analysis has been made, and it is expected that the following cash flows would be associated with the new product: Cost of new equipment Working capital required Annual net cash receipts Overhaul of the new equipment in three years Salvage value of equipment in four years 300,000 $ 185,000 120,000* $ $ 57,000 $82,000 The working capital would be released for reinvestment elsewhere at the end of the project. The company's required rate of return is 18%. Required: a. Determine the net present value of the proposed project. (Any cash outflows should be indicated by a minus sign. Use the appropriate table to determine the discount factor(s).)