An office building is expected to create operating cash flows of $33,000 a year for three years, based on tenants' rental income. The purchase of the fixed assets for this building will cost $68,000. These assets will have no value at the end of the project. An additional $4,500 of net working capital will be required throughout the life of the project. Calculate the net present value of this project if the required rate of return is 8 percent?

$11,616.45

$20,616.45

$16,166.45

$3812.50

$12544.20