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

Initial investment $ 510,000

Working capital $ 30,000

Annual cash flow $ 173,000 per year

Salvage value at the end of the project $ 12,000

Expected life of the project 4 years

Discount rate 15 %

The net present value of the project is closest to:

A) $(9,048)

B) $(39,048)

C) $(21,888)

D) $194,000