Earnest Company would like to analyze the purchase of a new piece of equipment using the net present value method. Information on the puchase is as follows: Cost of equipment $270,000 Working capital required $60,000 Salvage value of equipment $15,000 Annual cash inflows from the project $80,000 Required rate of return 12% Life of the project (in years) 5 At the end of the project, the working capital will be released. The net present value of the project is _______.