Ray Jay's Videography is growing and expects operating cash flows of $26,000 a year for 4 years as a result. This expansion requires $39,000 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires an additional $3,000 of net working capital each year throughout the life of the project which is then recovered at the end. What is the net present value of this expansion project at a required rate of return of 16 percent?