A project you are considering requires an initial cash outlay of $675,000 for equipment. You expect to spend an additional $45,000 in the first year to cover costs as the project will produce negligible cash inflows for that year. During years 2 through year 6, you expect to receive cash inflows of $325,000 a year. What is the net present value of this project at a discount rate of 13 percent? $243,824.61 $271,481.90 $296,770.05 $225,831.03