A project has an initial requirement of $63,136 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 $12,100. 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 $17,432. The annual operating cash flow is $51,547. The cost of capital is 5 percent. What is the project’s net present value if the tax rate is 28 percent?