Taufel, Inc. is considering implementing a cost-cutting project. The pre-tax cost reduction is expected to be $13,000 for each of the four years of the project's life. The project has an initial cost of $36,500 and belongs in a 30% CCA class. The company has a tax rate of 32% and the discount rate for the project is 12%. The project can be sold to another company at the end of year 4 for $5,000. What is the NPV of the project?

	$697
	$709
	$723
	$759
	$778