A project will produce operating cash flows of $47,895 a year for four years. During the project's life, inventory will be lowered by $36,680, and accounts receivable will increase by $12,222. Accounts payable will decrease by $11,870. The project requires the purchase of equipment at an initial cost of $142,618. The equipment will be depreciated straight-line to a zero book value over the project's life. The equipment will be salvaged at the end of the project, creating a $26,447 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 13%?