Ruby Winery is considering expanding its wine$-$making operations. The expansion will require new equipment costing $$500,000$ that would be depreciated on a straight$-$line basis to a zero balance over the $5-$year life of the project. The estimated salvage value is $$80,000.$ The project requires $$50,000$ for net working capital, all of which will be recouped at the end of the project. The projected operating cash flow is $$180,000$ a year. What is the net present value of this project if the relevant discount rate is $13$ percent and the tax rate is $21$ percent?

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