Lakeside Winery is considering expanding its winemaking operations. The expansion will require new equipment costing $651,000 that would be depreciated on a straight-line basis to zero over the 5-year life of the project. The equipment will have a market value of $169,000 at the end of the project. The project requires $39,000 initially for net working capital, which will be recovered at the end of the project. The operating cash flow $165,300 a year. What is the net present value of this project if the relevant discount rate is 13 percent and the tax rate is 22 percent? Multiple Choice $15,887 $32,962 $29,666 $25,031 $35,498