#12

A firm has projected the following financials for a possible project:

YEAR	0	1	2	3	4	5
Sales		133,260.00	133,260.00	133,260.00	133,260.00	133,260.00
Cost of Goods		63,590.00	63,590.00	63,590.00	63,590.00	63,590.00
S&A		30,000.00	30,000.00	30,000.00	30,000.00	30,000.00
Depreciation		23,801.80	23,801.80	23,801.80	23,801.80	23,801.80
Investment in NWC	1,208.00	515.00	515.00	515.00	515.00	515.00
Investment in Gross PPE	119,009.00

The firm has a capital structure of 47.00% debt and 53.00% equity. The cost of debt is 8.00%, while the cost of equity is estimated at 12.00%. The tax rate facing the firm is 34.00%. (Assume that you can't recover the final NWC position in year 5. i.e. only consider the change in NWC for each year)

What is the NPV of the project? (Hint: Be careful about rounding the WACC here!)

Answer format: Currency: Round to: 2 decimal places.