Taufel, Inc. is considering implementing a cost-cutting project. The pre-tax cost reduction is expected to be $18,000 for each of the three years of the project's life. The project has an initial cost of $40,000 and belongs in a 20% CCA class. The company has a tax rate of 32% and the discount rate for the project is 9%. The project can be sold to another company at the end of year 3 for $2,000. What is the NPV of the project?

	$750
	$700
	$675
	$650
	$625