QUESTION 20 A project will produce an operating cash flow of $1,725,000 a year for three years. The initial cash outlay for equipment will be $2,850,000. The net aftertax salvage value of $350,000 will be received at the end of the project (i.e. at the end of Year 3). The project requires $109,000 of net working capital up front (at t=0) that will be fully recovered when the project closes. What is the net present value of the project if the required rate of return is 12 percent? $1,510,866 $1,329,407 $1,387.912 $1,494.226 $1.431.015