Marasco Corporation has provided the following information concerning a capital budgeting project: Investment required in equipment Salvage value of equipment Expected life of the project Annual sales Annual cash operating expenses One-time renovation expense in year 3 $ 80,000 $ 0 4 $ 220,000 $ 160,000 $ 30,000 . The income tax rate is 30%. The after-tax discount rate is 13%. The company uses straight-line depreciation on all equipment, the annual depreciation expense will be $20,000. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting, Use the Present Value of $1 Table: Click here to view Exhibit 148-1 to determine the appropriate discount factor(s) using table. The net present value of the project is closest to