Management is considering purchasing an asset for $40,000 that would have a useful life of 8 years and no salvage value. For tax purposes, the entire original cost of the asset would be depreciated over 8 years using the straight-line method. The asset would generate annual net cash inflows of $20,000 throughout its useful life. The project would require additional working capital of $5,000, which would be released at the end of the project. The company's tax rate is 40% and its discount rate is 12%. Required: What is the net present value of the asset