Lakeside Winery is considering expanding its winemaking operations. The expansion will require new equipment costing $$667,000$ that would be depreciated on a straight$-$line basis to zero over the $4-$year life of the project. The equipment will have a market value of $$177,000$ at the end of the project. The project requires $$47,000$ initially for net working capital, which will be recovered at the end of the project. The operating cash flow will be $$181,400$ a year. What is the net present value of this project if the relevant discount rate is $11$ percent and the tax rate is $21$ percent?

Multiple Choice

$-$$$51,322$

$-$$$46,190$

$-$$$55,270$

$-$$$28,146$

$-$$$38,973$