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

Investment required in equipment	$240,000
Annual cash inflows	$50,000
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.

Click here to view Exhibit 11B-1 and Exhibit 11B-2, to determine the appropriate discount factor(s) using tables. The net present value on this investment is closest to:

rev: 01_27_2016_QC_CS-39173

$240,024

$26,750

$160,000

$58,800