The following table presents sales forecasts for Golden Giftware. The unit price is $40. The unit cost of the giftware is $25.

Year	Unit Sales
1	22,000
2	30,000
3	14,000
4	5,000
Thereafter	0

It is expected that net working capital will amount to 25% of sales in the following year. For example, the store will need an intitial (Year 0) investment in working captial of 0.25 x 22,000 x $40 = $220,000. Plant and equipment necessary to establish the Giftware business will require an additional investment of $200,000. This investment will be depreciated over the 4 year period using the following chart. After 4 years, the equipment will have an economic and book value of zero. The firm's tax rate is 35%. What is the NPV of the project? The discount rate is 20%.

Year	Annual Depreciation ($)
1	66,660
2	88,900
3	29,620
4	14,820
Total	200,000 (round up differences)