A firm is considering a project with the following forecasts:

		The initial after-tax cash outflow will be $500,000 and the appropriate CCA rate is 30 percent.
		There is no terminal loss or CCA recapture associated with the project.
		Annual revenues and costs will be $110,000 and $30,000, respectively.
		The project will last 8 years, and the equipment has an estimated salvage value of $25,000.
		The firms required return is 12 percent.
		The firm pays taxes at a marginal rate of 40 percent.

Calculate the NPV, assuming the half-year rule applies in the first year.