Twin Media is considering some new equipment whose data are shown below. The equipment has a 3-year tax life. Under the new tax law, the equipment is eligible for 100% bonus depreciation, so it will be fully depreciated at t= 0. The equipment 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 (NOWC) would be required, but it would be recovered at the end of the project's life. Revenues and operating costs are expected to be constant over the project's 3-year life. What is the project's NPV? WACC Equipment cost Required net operating working capital (NOWC) 10.0% Annual sales revenues $70,000 Annual operating costs $10,000 Expected pre-tax salvage value Tax rate $61,000 $30,000 $5,000 25.0% 11