A project will produce an operating cash flow of $88,000 a year for three years. The initial cash outlay for equipment will be $177,000. The net aftertax salvage value of $26,000 will be received at the end of the project. The project requires $43,500 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 12 percent?