A project will produce an operating cash flow of $7,300 a year for three years. The initial investment

for fixed assets will be $11,600, which will be depreciated straight-line to zero over the asset's 4-year

life. The project will require an initial $500 in net working capital plus an additional $500 every year

with all net working capital levels restored to their original levels when the project ends. The fixed

assets can be sold for an estimated $2,500 at the end of the project, the tax rate is 34 percent, and the

required rate of return is 12 percent. What is the net present value of the project?