A project will produce operating cash flows of $35,000 a year for three years. The project requires the purchase of equipment at an initial cost of $84,000 and additional investment in net working capital of $3,500 (which will be fully recovered at the end of projects life). The equipment will be depreciated straight-line to a zero book value over the life of the project. The equipment will be sold at the end of the project creating a $15,000 after-tax cash flow. At the end of the project, net working capital will return to its normal level. What is the net present value of this project given a required return of 12 percent? PLEASE SHOW WORK.