A company pursues a cost-cutting initiative that costs $28,000 to implement. Thereafter, however, the initiative reduces after-tax costs by $5,500 per year perpetually. The company relies on 44% debt financing at a 10.3% pretax interest rate. The company marginal tax rate is 26%. The company beta is 1.22, short-term risk-free rate is 7.4%, and required risk premium for the market portfolio is 7.8%. Find the project's net present value.