Lake Company is evaluating a capital expenditure proposal that has the following predicted cash flows:

Initial investment	$54,132
Operation
Year 1	24,768
Year 2	36,000
Year 3	12,000
Salvage value	-

The present value factors of $1 for different rates of return are as follows:

Present Value of $1
Period	12%	14%	16%	18%
1	0.89286	0.87719	0.86207	0.84746
2	0.79719	0.76947	0.74316	0.71818
3	0.71178	0.67497	0.64066	0.60863
4	0.63552	0.59208	0.55229	0.51579

Given a discount rate of 14 percent, determine the net present value of the investment proposal.