Gateway Communications is considering a project with an initial fixed assets cost of $1.56 million that will be depreciated straight-line to a zero book value over the 9-year life of the project. At the end of the project the equipment will be sold for an estimated $239,000. The project will not change sales but will reduce operating costs by $397,000 per year. The tax rate is 40 percent and the required return is 11.4 percent. The project will require $51,500 in net working capital, which will be recouped when the project ends. What is the project's NPV?

$132,896

$183,710

$177,783

$170,946

$138,937

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