The Bellefonte Corp. is looking at a project to last three years. Suppose they depreciate the investment in three equal amounts over the life of the project. What is the net present value of the project in dollars and to the nearest cent.

WACC 5%

Required incremental investment in fixed assets at t = 0 $75,000

Annual sales per year starting at t = 1 $75,000

Operating costs (excl. depreciation) per year $25,000

Tax rate 21.0%