You purchased land $3$ years ago for $$55000$ and believe its market value is now $$80000.$ You are considering building a hotel on this land instead of selling it$.$ To build the hotel, it will initially cost you $$145000,$ an expense that you plan to depreciate straight line over the next three years. Wells Fargo offered you a loan for $$60,000$ at an $8\%$ interest rate to be repaid over the next $4$ years. You anticipate that the hotel will earn revenues of $$220000$ each year, while expenses will be a mere $$22000$ each year. The initial working capital requirement will be $$10000$ which will be recovered in the last year. The tax rate is $35\%.$ Your estimated cost of capital is $12\%.$ What is the net present value of this project?