Bruno's Lunch Counter is expanding and expects operating cash flows of $25,500 a year for 4 years as a result. This expansion requires $60,000 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $3,400 of net working capital throughout the life of the project. What is the net present value of this expansion project at a required rate of return of 11 percent?

Multiple Choice

$19,112

$17,952

$23,416

$22,184

$20,705