A project will produce an operating cash flow of $78,900 a year for five years. The initial cash outlay for equipment will be $110,530. The net after-tax salvage value of $33,147 will be received at the end of the project. The project requires $17,938 of net working capital that will be fully recovered at the end of the project. What is the net present value of the project if the required rate of return is 12 percent?