Coyne Corporation is evaluating a capital investment opportunity. This project would require an initial investment of $30,000 to purchase equipment. The equipment will have a residual value at the end of its life of $2000. The useful life of the equipment is 5 years. The new project is expected to generate additional net cash inflows of $20,000 per year for each of the five years. Coyne's required rate of retum is 12%. The net present value of this project is closest to: Present Value of Annuity of $1