Francis, LLC is considering a 4-year project with an initial cost of $120,000. The equipment depreciation is straight-line to zero over the life of the project. The firm believes that they can sell the equipment for the salvage value of $40,000 at the end of the project. The tax rate is 40%. The project requires no additional working capital over the life of the project. Annual operating cash flows are $48,000. Assuming a required rate of return of 10%, what is the NPV of this project?