Lowell Corp. is considering a new project whose data are shown below. The equipment that would be used has a 3-year tax life, would be depreciated by the straight-line method over its 3-year life, and would have a zero salvage value. No change in net operating working capital would be required. Revenues and other operating costs are expected to be constant over the project's 3-year life. What is the project's NPV?

Risk-adjusted WACC 10.0%

Net investment cost (depreciable basis) $65,000

Straight-line depreciation rate 33.3333%

Sales revenues, each year $65,500

Annual operating costs (excl. depreciation) $25,000

Tax rate 35.0%

$15,740

$16,569

$17,441

$18,359

$19,325