A project has an initial requirement of $310,000 for fixed assets and $62,000 for net working capital. The project sits on a parcel of land purchased 8 years ago for $392,000. At that time, the firm invested an aditional $127,000 for improvements. The fixed asset will be depreciated to a zero book value over the 3-year life of the project and have an estimated salvage value of $155,000. All of the net working capital will be recouped at the end of the project. The annual operating cash flow is $345,000 and the discount rate is 18%. What is the project's net present value if the tax rate is 34%?