Kodak Films is considering some new equipment whose data are shown below to replace their existing equipment which has a book value of $0. The required equipment has a 3-year tax life, and the accelerated rates for such property are 33.33%, 44.45%, 14.81%, and 7.41% for Years 1 through 4 and it would have a positive pre-tax salvage value at the end of Year 3, when the project would be closed down. Also, some new working capital would be required, but it would be recovered at the end of the project's life. Revenues and other operating costs are expected to be constant over the project's 3-year life. What is the project's NPV? WACC 11.0% Cost of new equipment (depreciable basis) 70,000 Salvage value of old equipment $4,000 Required new working capital $10,000 Sales revenues, each vear 75,000 Operating costs (excl. deprec.), each vear $30,000 Expected pretax salvage value new $5,000 Tax rate 30.0%