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.

Refer to Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using the tables provided.

Required:

Compute the project's net present value.