espass Corporation has provided the following data concerning an investment project that it is considering:

Initial investment	$	160,000
Annual cash flow	$	54,000	per year
Salvage value at the end of the project	$	11,000
Expected life of the project		4	years
Discount rate		15	%

See PV Tables on separate Handout 14C-3 and 14C-4. The net present value of the project is closest to:

$(5,776)

$462

$160,516

$67,00