Nestle Foods is considering a new cookie product whose data are shown below. The equipment that would be used has a 3-year tax life, would be depreciated by the straight line method over the project's 3-year life, would have zero salvage value, and no new working capital would be required. Revenues and other operating costs are expected to be constant over the project's 3-year life. However, this project would compete with other Nestle products and would reduce their pre-tax annual cash flows. What is the project's NPV if the WACC=9%? (Hint: Cash flows are constant in Years 1-3.) Annual pre-tax cannibalization cost $ 5,000 Net investment cost (depreciable basis) $65,000 Straight line depr'n rate 33.33% Sales revenues $70,000 Operating costs excl. depr'n $25,000 Tax rate 35% $17,455.87 $18,516.78 $19,892.34 20,009.31