Zappo Root Beer is considering expanding its root beer making operations. The expansion will require new equipment costing $649,000 that would be depreciated on a straight-line basis to a zero balance over the four-year life of the project. The estimated salvage value is $157,000. The project requires $38,000 initially for net working capital, all of which will be recouped at the end of the project. The projected operating cash flow is $207,500 a year. What is the net present value of this project if the relevant discount rate is 12 percent and the tax rate is 35 percent? A. -$14,162 B. -$8,309 C. -$2,747 D. $2,311 E. $32,254