(Ignore income taxes in this problem.) The following data concern an investment project:

Investment in equipment................... $110,000

Annual cash inflows........................... $36,000

Required upgrade at end of year 2... $14,000

Salvage value of the equipment........ $10,000

Working capital required.................... $50,000

Life of the project............................... 4 years

Required rate of return...................... 8%

The working capital will be released for use elsewhere at the conclusion of the project.

Required: Compute the project's net present value. Show your calculations