A project requires a new equipment line with an installed cost of $460,000 which will be depreciated straight line to zero over the 5 year life. At the end of the project the equipment can be sold for salvage value of $55,000. The equipment will save the firm $155,000 per year in pre- tax operating costs, and the system requires an initial investment in net working capital of $29,0000 which is recovered at the end of the project. If the tax rate is 21% and the discount rate is 10%, what is the NPV of this project ?|