Weichman Inc. has provided the following data concerning an investment project that has been proposed: Initial investment.......... Annual cash receipts Life of the project...... Annual cash expenses Salvage value ********* $960,000 $624,000 8 years $281,000 $48,000 The company's tax rate is 30%. For tax purposes, the entire initial investment will be depreciated over 7 years without any reduction for salvage value. The company uses a discount rate of 15%. When computing the net present value of the project, what is the after-tax cash flow from the salvage value in the final year? Calculate the net present value of the project