A project has an initial requirement of $86,120 for equipment. The equipment will be depreciated to a zero book value over the 5-year life of the project. The investment in net working capital will be $12,573. All of the net working capital will be recouped at the end of the 5 years. The equipment will have an estimated salvage value of $18,597. The annual operating cash flow is $54,192. The cost of capital is 13 percent. What is the project’s net present value if the tax rate is 23 percent?