XYZ is considering a project that would last for 3 years and have a cost of capital of 22.00 percent. The relevant level of net working capital for the project is expected to be $1,633.10 immediately (at year 0); $4,910.00 in 1 year; $15,000.00 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 51.80 percent. What is the net present value of this project? .

	Year 0	Year 1	Year 2	Year 3
Revenue	$ 0.00	$12,600.00	$11,300.00	$11,500.00
Costs	$ 0.00	$3,810.00	$3,870.00	$3,600.00
Depreciation	$ 0.00	$1,900.00	$2,400.00	$2,600.00
Cash flows from capital spending	$-5,520.00	$1,320.00	$ 970.00	$3,680.00

Answers:

$11437.39 (plus or minus $10)

$5762.24 (plus or minus $10)

$1160.56 (plus or minus $10)

$7521.97 (plus or minus $10)

None of the above is within $10 of the correct answer