What is the net present value of this project?

THE STORMWATER PROJECT: APPROVE OR DECLINE? Despite his long-term orientation toward his company's strategic investments, Murphy knew he had to make wise decisions in the short-term to protect the finances of his company. Spending $580,000 on the stormwater project was a major commitment of company resources, especially for a property that was over 100 years old. Murphy knew that this cost figure was only an estimate. What if the project, once underway, encountered unforeseen challenges such as soil issues and, complications with utilities that involved additional cost? Based on information from his Chief Financial Officer, Murphy knew that though the project cost was $580,000, an available 21 percent first-year tax credit would result in a net project cost of $458,200. Other financial information is provided as follows: The $458,200 net capital requirement would be financed with the company's cash reserves. A 15% risk-free discount rate is assumed. The $580,000 project is depreciated at a double declining balance rate of 13.333% per year over 15 years. Annual cash savings are assumed to be $68,000 in the first year, with annual increases of 5%. The corporate tax rate (federal and state) on taxable income is 42%. Aside from the initial project cost, no additional fixed or variable costs are assumed