A project you are considering requires an initial cash outlay of $675,000 for equipment. You expect to spend an additional $45,000 in the first year to cover costs as the project will produce negligible cash inflows for that year. During years 2 through year 6, you expect to receive cash inflows of $325,000 a year. What is the net present value of this project at a discount rate of 22 percent?

		$72,457.45
		$50,969.61
		$44,824.61
		$61,481.90