Lakeside Winery is considering expanding its winemaking operations. The expansion will require new equipment costing $685,000 that would be depreciated on a straightline basis to zero over the 5-year life of the project. The equipment will have a market value of $178,000 at the end of the project. The project requires $48,000 initially for net working capital, which will be recovered at the end of the project. The operating cash flow will be $158,900 a year. What is the net present value of this project if the relevant discount rate is 10 percent and the tax rate is 21 percent? Multiple Choice $15,406 $13,526 $11,699 $13,866 $16,592