The following data concern an investment project (Ignore income taxes.):

Investment in equipment	$	420,000
Annual net cash inflows	$	120,000
Salvage value of the equipment	$	42,000
Working capital required	$	30,000
Life of the project		5	years
Required rate of return		8	%

The working capital will be released for use elsewhere at the conclusion of the project.

Required:

Using the tables in Exhibit 14B-1 and Exhibit 14B-2, compute the project's net present value.