Calculate the net present value (two-place accuracy) of a project for a firm that has the following characteristics:

WACC 6.9%

Required incremental investment in fixed assets at t = 0 $60,000

Three-year project that will bring in three years of incremental cash flow at t = 1, t = 2, and t = 3

Incremental sales per year starting at t = 1 $80,000

Incremental Operating costs (excl. depreciation) per year $25,000

and the incremental depreciation is straight-line, so three equal amounts per year with zero salvage value after three years

Tax rate 20.0%