Miller Company, which considers taxes in its capital budgeting decisions is considering the purchase of a machine with the following characteristics:

Initial cost (not including working capital)	$220,000
Immediate working capital requirement (released at the end of the project)	$20,000
Expected life of the project	4 years
Annual net operating cash inflows	$75,000
Residual value (at end of useful life)	$0
Annual straight-line depreciation expense	$55,000
Required rate of return (discount rate)	10%
Income tax rate	20%

Compute the after-tax net present value (NPV) of this investment opportunity [use PV (present value) tables]. Round your answer to the nearest dollar.

• ($1,270)

• ($14,930)

• ($4,002)

• ($36,140)