A project is expected to create after tax Net income (i.e., NI) of $11,000 a year for four years. Here is the required information for the adjustment phase:

(1) The initial cost of the fixed assets is $62,000. These assets will be worthless at the end of the project;

(2) An additional $3,000 of net working capital is required at time 0. Net working capital will return to its original level at the end of the project (i.e., zero change between years).

What is the project's net present value if the required rate of return is 12 percent?

$41,000.00

$44,000.00

$15,489.76

$21,954.17

$17,396.31