. A project costs $50,000, will be depreciated straight-line to zero over its 3 year life and will require a net working capital investment of $10,000 up-front. At the end of the projects life, the firm will recover $10,000 that will be tied up in working capital. The project generates annual operating cash flows of $30,000. The fixed assets will be sold for $8,000 at the end of the project. If the firm has a tax rate of 21% and a required return of 12%, what is the project NPV?