A project requires a $37,000 initial investment and is expected to generate end-of-period annual cash inflows as follows:

Year 1	Year 2	Year 3
$ 16,500	$ 17,500	$ 16,500

Assuming a discount rate of 12%, what is the net present value (rounded to the nearest whole dollar) of this investment? Selected present value factors for a single sum are shown in the table below.

i = 12%	i = 12%	i = 12%
n = 1	n = 2	n = 3
0.8929	0.7972	0.7118