Assume that a company is considering buying a new piece of equipment for $250,000 that would have a useful life of five years and a salvage value of $31,000. The equipment would generate the following estimated annual revenues and expenses:

Revenues					$	120,000
Less operating expenses:
Commissions	$	15,000
Insurance		5,000
Depreciation		43,800
Maintenance		30,000				93,800
Net operating income					$	26,200

Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using the tables provided. Assuming a discount rate of 16%, what is the net present value of this investment?