A project is expected to create operating cash flows of $26,500 a year for three years. The initial cost of the fixed assets is $55,000. These assets will be worthless at the end of the project. An additional $5,000 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 15 percent?

$1,566.67

$505.47

$8,793.05

$-1,206.95

$3,793.05