Cycle King Recycling is evaluating a new furnace which is expected to produce operating cash flows of $59,000 per year for 7 years. At the beginning of the project, inventory will decrease by $19,200, accounts receivables will increase by $22,600, and accounts payable will increase by $16,200. At the end of the project, net working capital will return to the level it was prior to undertaking the new project. The initial cost of the furnace is $261,000. The equipment will be depreciated straight-line to a zero book value over the life of the project. The equipment will be salvaged at the end of the project creating an aftertax cash flow of $56,000. What is the net present value of this project given a required return of 10.4 percent?