The Following Data Concern an Investment Project The Working Capital Will Be Released for Use Elsewhere at r

The following data concern an investment project:

$\begin{array} { l r } \text { Investment in Equipment } & \$ 16,000 \\\text { Net Annual Cash Inflows } & \$ 3,600 \\\text { Working Capital Required } & \$ 4,500 \\\text { Salvage Value of the Equipment } & \$ 2,000 \\\text { Life of the Project } & 12 \text { years } \\\text { Discount Rate } & 14 \%\end{array}$

The working capital will be released for use elsewhere at the conclusion of the project. (Ignore income taxes in this problem.)

Required:

Calculate the project's net present value.