IMBourret Corporation has provided the following information concerning a capital budgeting project:

After-tax discount rate	13%
Tax rate	40%
Expected life of the project	4
Investment required in equipment	$60,000
Salvage value of equipment	$0
Annual sales	$155,000
Annual cash operating expenses	$115,000
One-time renovation expense in year 3	$20,000

Click here to view Exhibit 13B-1 to determine the appropriate discount factor(s) using tables.

The company uses straight-line depreciation on all equipment. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting.

The net present value of the project is closest to:

Im having trouble understanding how to find the present value factor