Period 0 1 2 3 4 EBIT $16,000 $54,000 $115,000 $152,500 The above table illustrates earnings before interest and taxes for a capital investment project. Use the additional information to calculate the operating cash flow, net incremental cash flow and net present value for this project: initial cost of the investment = $440,000 completed marketing study = $15,000 change in net working capital = $100,000 (fully recoverable by end of the project) tax rate = 25% depreciation = straight line over four years projected cash flow from salvage (after-tax) = $25,000 projected erosion costs = $12,000 in Year 1 and $8,500 in Year 2 weighted average cost of capital = 9.5% What is the net present value of this project?