Shallot Company is evaluating a capital investment opportunity. This project would require an initial investment of $48,000 to purchase equipment. The equipment will have a residual value at the end of its life of $5,000. The useful life of the equipment is 6 years. The new project is expected to generate additional net cash inflows of $20,000 per year for each of the six years. The?company's required rate of return is 10?%. The net present value of this project is closest?to:

Present Value of $1 Periods 10% 12% 14% 16% 0.751 0.712 0.675 0.641 0.683 0.636 0.592 0.552 0.621 0.567 0.519 0.476 0.564 0.507 0.456 0.410 Present Value of Annuity of $1 Periods 10% 12% 14% 16% 2.487 2.402 2.322 2.246 3.170 3.037 2.914 2.798 3.791 3.605 3.433 3.274 4.355 4.111 3.889 3.685