Shinabery Corporation has provided the following information concerning a capital budgeting project:

Investment required in equipment	$40,000
Expected life of the project	4
Salvage value of equipment	$0
Annual sales	$160,000
Annual cash operating expenses	$120,000
Working capital requirement	$20,000
One-time renovation expense in year 3	$20,000

The company's income tax rate is 35% and its after-tax discount rate is 9%. The working capital would be required immediately and would be released for use elsewhere at the end of the project. The company uses straight-line depreciation on all equipment. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting. The net present value of the entire project is closest to:

39,675

68,280

25,515

65,000