We expect a project to pay $20,000 at the end of each year for 10 years. The project requires that we purchase an asset that costs $60,000. For tax purposes, the asset depreciates straight line over the 10years. The tax rate is 30 percent.

The discount rate is 10 percent. For ten years, that's a PV of an annuity factor of 6.14457.

What is the net present value of the cash inflows, net of taxes?

		$37,084
		$26,023
		$62,890
		$24,578