The Sawyer Corporation has $80,000 to invest and is considering two different projects, X and Y. The following data are available on the projects:

	Project X	Project Y
Cost of equipment needed now	$80,000	-
Working capital requirement	-	$80,000
Annual cash operating inflows	$23,000	$18,000
Salvage value in 5 years	$6,000	-

Both projects will have a useful life of 5 years; at the end of 5 years, the working capital will be released for use elsewhere. Sawyer's discount rate is 12%. The net present value of project Y is closest to:

$15,110

$30,250

$11,708

($11,708)