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

Investment in equipment	$ 180,000
Annual net cash inflows	$ 42,000
Salvage value of the equipment	$ 70,000
Working capital required	$ 20,000
Life of the project	5	years
Required rate of return	12%

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

Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using the tables provided.

Required:

Compute the project's net present value.