Lakeside Winery is considering expanding its winemaking operations. The expansion will require new equipment costing $681,000 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 $184,000 at the end of the project. The project requires $54,000 initially for net working capital, which will be recovered at the end of the project. The operating cash flow will be $173,600 a year. What is the net present value of this project if the relevant discount rate is 12 percent and the tax rate is 21 percent? Multiple Choice $12,688 53,911 513,664 511,419 59,635