The following data on a proposed investment project have been provided:

Cost of equipment	$50,000
Working capital required	$30,000
Salvage value of equipment	$0
Annual cash inflows from the project	$20,000
Required rate of return	20%
Life of the project	8 years

The working capital would be released for use elsewhere at the end of the project. The net present value of the project is closest to:

$88,370

$3,730

$32,450

$0