Chee Corporation has gathered the following data on a proposed investment project:

Investment required in equipment

$240,000

Annual cash inflows

$56,000

Salvage value

$0

Life of the investment

8 years

Required rate of return

10%

The company uses straight-line depreciation. Assume cash flows occur uniformly throughout a year except for the initial investment.

The net present value for the investment is closest to:

Group of answer choices

$26,750

$160,000

$240,024

$58,800