QUESTION $10$

A project will produce operating cash flows of $$57,000$ a year for $3$ years. During the life of the project, inventory will be lowered by $$10,000$ and accounts receivable will increase by $$20,000.$ Accounts payable will decrease by $$5,000.$ The project requires the purchase of equipment at an initial cost of $$90,000.$ The equipment will be salvaged at the end of the project creating a $$17,000$ after$-$tax cash inflow. At the end of the project, net working capital will return to its normal level. What is the net present value of this project given a required return of $129?$

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