Grapple, Inc. is hooked on the idea of a new investment project.  The project requires a machine that costs $160,000 plus $40,000 in setup costs that will be expensed immediately.  Also, $22,000 in additional net working capital will be needed for the project.  The project is expected to have an 8-year life, but the machine will be depreciated to a book value of $10,000 over 6 years.  The machine is expected to be sold for $15,000 at the end of the 8 years.  Revenues minus costs are expected to be $30,000 in the first year, and $60,000 per year in years 2-8.  The cost of capital is 14%.  The relevant tax rate is 40%.  Compute the NPV of the Grapple project.

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