Gallatin, Inc., has assembled the estimates shown below relating to a proposed new project with a 5-year project life. At the end of the 5 years, the equipment purchased for the project would be sold and working capital would revert to other uses in the company. Gallatin uses a discount rate of 10%. (Ignore income taxes.)

Annual cash sales	$	450,000
Annual out-of-pocket cash expenses	$	340,000
Annual depreciation on new equipment	$	66,000
Initial cost of new equipment	$	380,000
Salvage value of new equipment in 5 years	$	50,000
Working capital requirement	$	40,000

I need the net present value of the project.