Your boss is considering a 4-year investment project.

If the project is accepted, it would require an immediate spending of $697 to buy all necessary production equipment. This equipment would be sold at the end of the project and bring your company estimated $176 in sale proceeds after taxes (or after-tax salvage value).

Your boss's consulting team estimated that the annual after-tax profits (or operating cash flows) would equal $160.

The team also recommends immediately setting aside $49 in cash to cover any unforeseen expenses.

The required annual rate of return is 9.3%.

Calculate the Net Present Value of this proposed investment project.