The Boer Farm Implement Company is considering purchase of automated equipment for welding. A quote for the equipment has been received with initial capital expenses of $175K required. Savings, operation costs, salvage values and useful life are uncertain, but the engineer has made estimates as shown in the table below.

p:	0.15	0.15	0.5	0.2
Annual Savings	45	52	66	75
Annual Cost	25	30	35	40
Salvage Value	15	20	25	5
Useful life	8	10	12	15

(all dollars K)

The Company uses MACRS depreciation and a 7-year recovery period is applicable. The tax rate is 35%.

What is the expected present worth of the project considering depreciation and taxes?