1. A project is expected to create operating cash flows of $20,000 a year for five years. The initial cost of the fixed asset is $60,000. The asset will be fully depreciated to zero over its five-year life, after which will be worthless. The fixed asset will have a market value of $7,000 at the end of the project. What is the project's net present value if the required rate of return is 10 percent and there is no tax?

   		$24,844.94
   		$20,162.18
   		$17,396.31
   		$15,306.09
   		$22,954.17