Thomson Media is considering some new equipment whose data are shown below. The equipment has a 3-year tax life and would be fully depreciated by the straight-line method over 3 years, but it would have a pre-tax salvage value of $5,000 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 projects life. Revenues and other operating costs are expected to be constant over the projects 3-year life. The projects NPV is closest to:

WACC	10.0%
Net investment in fixed assets (depreciable basis)	$70,000
Required net operating working capital	$12,000
Straight-line depreciation rate	33.333%
Annual sales revenues	$75,000
Annual operating costs (excl. depreciation)	$30,000
Expected pre-tax salvage value	$5,000
Tax rate	35.0%