Metro Car Washes, Inc., is reviewing an investment proposal. The initial cost as well as the estimate of the book value of the investment at the end of each year, the net after-tax cash flows for each year, and the net income for each year are presented in the following schedule. The salvage value of the investment at the end of each year is equal to its book value. There would be no salvage value at the end of the investment's life. Year Initial Cost and Book Value $240,000 160,000 123 in 5 96,000 48,000 4 16,000 Annual Net After-Tax Cash Flows Annual Net Income $103,000 $23,000 89,000 25,000 75,000 27,000 61,000 29,000 47,000 31,000 Management uses a 14 percent after-tax target rate of return for new investment proposals. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Exercise 16-37 Part 3 3. Compute the proposal's net present value. (Round intermediate calculations to the nearest whole dollar.) Net present value