[Use the following information to answer the next 4 questions]

Your corporation is considering replacing older equipment. The old machine is fully depreciated and cost $51800 seven years ago. The old equipment currently has no market value. The new equipment cost $63100. The new equipment will be depreciated to zero using straight-line depreciation for the four-year life of the project. At the end of the project the equipment is expected to have a salvage value of $37500. The new equipment is expected to save the firm $29000 annually by increasing efficiency and cost savings. The corporation has tax rate of 31% and a required return on capital of 13%.

a. What is the total initial cash outflow? (Show your answer to the nearest dollar as a negative number without commas or decimals.)

b. What are the estimated annual operating cash flows? (nearest dollar)

c. What is the terminal cash flow? (nearest dollar)

d. What is the NPV for this project? (nearest dollar)