Thomson Media is considering some new equipment whose data are shown below. The equipment would be used for three years with straight-line depreciation, but it would have a positive pre-tax salvage value at the end of Year 3, when the project would be closed down. Also, additional net operating working capital would be required, but it would be recovered at the end of the project's life. Revenues and other operating costs are expected to be constant over the project's 3-year life. What is the project's NPV? (Hint: You need to first find CFO, CF1, CF2, and CF3. CF1- CF2 are the same number, but CF3 is a different number due to the recovery of NOWC and after-tax salvage value.) Keep the - sign if it's a negative NPV number. Round to the whole dollar. WACC 10.0% Net investment in fixed assets (depreciable basis) $70,000 Required net operating working capital $10,000 Straight-line depreciation rate 33.333% Annual sales revenues $56,000 Annual operating costs (excl. depreciation) $30,000 Expected pre-tax salvage value $5,000 Tax rate 35.0%