Pool Corp has provided the following data related to a 5 year investment project that it is evaluating:

Initial investment in equipment	$	500,000
Annual net cash inflow	$	140,000
Salvage value of equipment at the end of the project	$	14,000
Working capital required	$	50,000

The working capital is put into the project immediately and is released back to the company at the end of the project. If the companys discount rate is 12%, the net present value of the project is closest to (factors from Exhibit 12B-1 and Exhibit 12B-2 for an interest rate of 12% are provided below).

Period	Present value of $1	Present value of an annuity
1	0.893	0.893
2	0.797	1.690
3	0.712	2.402
4	0.636	3.037
5	0.567	3.605

	a.	($ 9,012)
	b.	$34,288
	c.	($37,362)
	d.	$49,838