Company C is considering a new investment whose data are shown below. The equipment would be depreciated on a straight-line basis over the project's 3-year life (in periods 1, 2, and 3), would require an initial investment upfront (in period 0) that would have a zero salvage value, and would require working capital upfront (in period 0) that would be recovered at the end of the project's life (in period 3). Revenues and other operating costs are expected to be constant over periods 1, 2, and 3. What is the project's NPV?

Sales revenues, each year $75,000 Operating costs (excl. deprec.), each year $25,000 Tax rate 35.00% Required working capital $15,000 Initial investment in fixed assets $75,000 Project cost of capital 10.00%