XYZ is considering a project that would last for 3 years and have a cost of capital of 19.40 percent. The relevant level of net working capital for the project is expected to be $1,847.40 immediately (at year 0); $4,640.00 in 1 year; $16,000.00 in 2 years; and $0.00 in 3 years. Relevant expected revenue, costs, depreciation, and cash flows from capital spending in years 0, 1, 2, and 3 are presented in the following table. The tax rate is 54.40 percent. What is the net present value of this project?.

	Year 0	Year 1	Year 2	Year 3
Revenue	$ 0.00	$14,000.00	$10,600.00	$11,300.00
Costs	$ 0.00	$3,880.00	$3,910.00	$4,300.00
Depreciation	$ 0.00	$2,320.00	$2,300.00	$2,300.00
Cash flows from capital spending	$-7,670.00	$1,820.00	$1,450.00	$3,010.00

		$4434.27 (plus or minus $10)
		$7794.60 (plus or minus $10)
		$9944.44 (plus or minus $10)
		$-473.28 (plus or minus $10)
		None of the above is within $10 of the correct answer