Valley Club is considering adding a miniature golf course to its facility. The course would cost $48,000, would be depreciated on a straight-line basis over its 4-year life, and would have a zero salvage value. The estimated income from the golfing fees would be $35,000 a year with $10,000 of that amount being variable cost. The fixed cost would be $5,000. The project will require $4,000 of net working capital, which is recoverable at the end of the project. What is the net present value of this project at a discount rate of 12 percent and a tax rate of 21 percent?

		$6,186.31
		$7,412.69
		$8,734.16
		$9,152.90