A project is expected to create operating cash flows of $26,500 a year for four years. The initial cost of the fixed assets is $62,000. These assets will be worthless at the end of the project. An additional $3,000 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?

$19,208.11

$14,028.18

$15,306.09

$17,396.31

$21,954.17