(Ignore income taxes in this problem.) Farah Corporation has provided the following data concerning a proposed investment project:

Initial Investment $320,000

Life of the project 5 Years

Working Capital required $14,000

Annual net cash inflows $88,000

Salvage value $44,000

The company uses a discount rate of 11%. The working capital would be released at the end of the project.

Required:

Compute the net present value of the project.