Roxx Limited is considering a project that has an 8-year life and that will require an initial capital outlay of $533,250. The project will result in immediate changes to the following working capital items:

Increase in accounts receivable	$14,000
Decrease in accounts payable	$7,800

All working capital items will be returned at the end of the project. The expected annual net operating cash inflow for this project is $111,750.

Assuming a weighted average cost of capital of 5%, what is the net present value of this project?