A project will produce an operating cash flow of $475,000 a year for four years. The initial cash outlay for equipment will be $1,080,000. The net aftertax salvage value of $81,000 will be received at the end of the project. The project requires $142,000 of net working capital up front that will be fully recovered. What is the net present value of the project if the required rate of return is 14 percent?

$294,047.25

$308,116.57

$281,547.93

$317,286.90

$272,430.06