Crete Logistics is thinking of opening a new warehouse, and the key data are shown below. The company will be leasing the building at a cost of $2,000 per month. The equipment for the project would be depreciated by the straight-line method over the project's 4-year life to a salvage value of zero, but you estimate the equipment's true salvage value is $10,000. New working capital of $15,000 would be required, and revenues and other operating costs would be constant over the project's 4-year life.

WACC	10.0%
Equipment Cost	$65,000
Sales revenues, each year	$123,000
Annual Operating Cost (including lease payment and excluding depreciation)	$49,000
Tax rate	35%

What is the project's NPV?