Lakeside Winery is considering expanding its winemaking operations. The expansion will require new equipment costing $671,000 that would be depreciated on a straight-line basis to zero over the 6-year life of the project. The equipment will have a market value of $179,000 at the end of the project. The project requires $49,000 initially for net working capital, which will be recovered at the end of the project. The operating cash flow will be $161,700 a year. What is the net present value of this project if the relevant discount rate is 14 percent and the tax rate is 21 percent? Multiple Choice $4,454 $21,279 $25,462 $17,954 $23,643.