Foley Systems is considering a new project whose data are shown below. Under

the new tax law, the equipment for the project is eligible for $100\%$ bonus

depreciation, so it will be fully depreciated at $t=0.$ After the project's $3-$year life,

the equipment would have zero salvage value. The project would require additional

net operating working capital $($NOWC$)$ that would be recovered at the end of the

project's life. Revenues and operating costs are expected to be constant over the

project's life. What is the project's NPV$?($Hint: Cash flows from operations are

constant in Years $1$ to $3.)$ Do not round the intermediate calculations and round the

final answer to the nearest whole number.

Required net operating working capital $($NOWC$)$ $$15,000$

$$4,571$

$$2,546$

$$1,348$

$$44,159$

$$37,651$