116) Lawton Co. is evaluating a project that requires an investment of $400,000. The company plans to dispose of the property at the end of the fourth year for $121,620. Information about cash flows associated with the project is as follows:

Annual revenues$250,000

Annual operating costs$100,000

All cash flows occur at the end of the year.  The required rate of return is 12% and the tax rate is 40%.  The CCA rate is 30%.

Determine the net present value of the project. (Round amounts to dollars.)

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