$22.$ Jasper Metals is considering installing a new molding

machine which is expected to produce operating cash flows of

$$70,500$ per year for $9$ years. At the beginning of the project,

inventory will decrease by $$29,600,$ accounts receivables will

increase by $$27,800,$ and accounts payable will increase by $$20,100.$

At the end of the project, net working capital will return to

the$$level it was prior to undertaking the new project. The

initial cost of the molding machine is $$300,000.$ The equipment will

be depreciated straight$-$line to a zero book value over the life of

the project. The equipment will be salvaged at the end of the

project creating an aftertax cash flow of $$82,000.$ What is the net

present value of this project given a required return of $11\mathrm{.}7$

percent?