Orange Valley Recycling is considering a project that would last for 3 years and have a cost of capital of 15.69 percent. The relevant level of net working capital for the project is expected to be 16,000 dollars immediately (at year 0); 8,000 dollars in 1 year; 39,000 dollars in 2 years; and 0 dollars in 3 years. Relevant expected operating cash flows and cash flows from capital spending in years 0, 1, 2, and 3 are presented in the following table. What is the net present value of this project?

	Time 0	Year 1	Year 2	Year 3
Operating cash flows (in dollars)	0	74,000	62,000	71,000
Cash flows from capital spending (in dollars)	-159,000	0	0	8,000