Valotta Corporation has provided the following data concerning an investment project that it is considering:

Initial investment $690,000

Working capital $70,000

Annual cash flow $283,000 per year

Salvage value at the end of the project $21,000

Expected life of the project 4 years Discount rate 11%

The working capital would be released for use elsewhere at the end of the project. The net present value of the project is closest to:

$178,118

$201,988

$463,000

$131,988