Management is considering purchasing an asset for $48,000 that would have a useful life of 5 years and no salvage value. For tax purposes, the entire original cost of the asset would be depreciated over 5 years using the straight-line method. The asset would generate annual net cash inflows of $39,000 throughout its useful life. The project would require additional working capital of $9,000, which would be released at the end of the project. The company's tax rate is 40% and its discount rate is 8%. What is the net present value of the asset? Use tables to assist http://lectures.mhhe.com/connect/0078111005/Exhibit/Exhibit%2013B-2.jpg http://lectures.mhhe.com/connect/0078111005/Exhibit/Exhibit%2013B-1.jpg