A firm is considering an investment project that will produce an operating cash flow of $176,000 at the end of each year for three years. The initial cash outlay for equipment will be $369,000. The equipment can be sold for $22,000 (before tax) at the end of the project. The project requires $35,500 of net working capital that will be fully recovered. The tax rate is 25%. What is the net present value of the project if the required rate of return is 14 percent?

$43,978.15

$39,205.76

$34,692.71

$47,508.30

$51,221.63