Chene Corporation has provided the following information concerning a capital budgeting project: Investment required in equipment Annual sales Annual cash operating expenses $220,000 $520,000 $370,000 8 00:28:10 The equipment will have a 4 year expected life and zero salvage value. The company's income tax rate is 30% and the after-tax discount rate is 10%. The company uses straight-line depreciation on all equipment; the annual depreciation expense will be $55,000. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting. Click here to view Exhibit 13B-1 to determine the appropriate discount factor(s) using table. The net present value of the project is closest to: (Round intermediate calculations and final answer to the nearest dollar amount.) Multiple Choice $220,970 $165,035 $218,000 $324,738