Thomson Media is considering some replacing its equipment. The new equipment will reduce the operating costs by $40,000 every year. It requires initial costs of $80,000 and installation fees of $30,000. The new equipment has a 4-year tax life and would be fully depreciated by the straight-line method, but it would have a salvage value of $25,000 at the end of Year 4, when the project would be closed down. Also, some new working capital of $20,000 would be required, but it would be recovered at the end of the project's life. The old equipment has salvage value of $50,000 today and $18,000 in 4 years. Its book value is $36,000 and gets depreciated by $9,000 every year. The tax rate is 30%, and WACC is 9%. What is the project's NPV?