A project is expected to create operating cash flows of $29,500 a year for three years. The initial cost of the fixed assets is $61,000. These assets will be worthless at the end of the project. An additional $4,500 of net working capital will be required throughout the life of the project. What is the project's net present value if the required rate of return is 12 percent?

$13,057.03

$8,557.03

$2,250.00

$5,354.02

$4,057.03