Michael Corporation is evaluating a capital investment opportunity. This project would require an initial investment of $36,000 to purchase equipment. The equipment will have a residual value at the end of its life of $5000. The useful life of the equipment is 4 years. The new project is expected to generate additional net cash inflows of $19,000 per year for each of the four years. Michael's required rate of return is 10%. The net present value of this project is closest to: Present Value of $1

Periods	10%	12%	14%	16%
3	0.751	0.712	0.675	0.641
4	0.683	0.636	0.592	0.552
5	0.621	0.567	0.519	0.476
6	0.564	0.507	0.456	0.410

Present Value of Annuity of $1

Periods	10%	12%	14%	16%
3	2.487	2.402	2.322	2.246
4	3.170	3.037	2.914	2.798
5	3.791	3.605	3.433	3.274
6	4.355	4.111	3.889	3.685

Group of answer choices

$10,941

$24,230

$39,057

$27,645