A potential project has the following elements:

Cost of new Equipment: 100,000

Working capital required 25,000

Annual net cash receipts 50,000

Maintenance cost in year three 20,000

Salvage value of equipment in four years 25,000

Required rate of return 20%

The project would last for four years and the working capital would be returned at the end of the project.

What is the NPV of this potential project?

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