A project requires an initial capex of $200,000 (at t=0) and is expected to produce revenues of $300,000 per year and costs of $180,000 per year for two years (that is, at t = 1 and t = 2). The corporate tax rate is 30%. The assets will be depreciated using the MACRS 3-year schedule:

Year	Depreciation Percentage
1	33%
2	45%
3	15%
4	7%

WACC is 12%. Assume that the capital asset will sell for book value at the end of two years. There is no change in net working capital. Calculate the NPV of the project. (HINT: in the FCF calculation, EBIT = revenue - costs - depreciation.)

		$22,463
		$19,315
		$16,244
		$5,721