A new melding machine is expected to produce operating cash flows of $68,000 a year for six years. At the beginning of the project, inventory will decrease by $14,700, accounts receivables will increase by $5,500, and accounts payable will increase by $3,200. All net working capital will be recovered at the end of the project. The initial cost of the machine is $279,000. The equipment will be depreciated straight-line to a zero book value over the life of the project. The equipment will be salvaged at the end of the project creating a $51,600 after tax cash inflow. What is the net present value of this project given a required rate of return of 13 percent?