A firm has a target debt$-$equity ratio of $0\mathrm{.}3.$ The cost of

debt is $8\mathrm{.}0\%$ and the cost of equity is $14\%.$ The company

has a $30\%$ tax rate. A project has an initial cost of

$$72,000$ and an annual after$-$tax cash flow of $$22,000$ for

$8$ years. There is no salvage value or net working capital

requirement.

What is the net present value of the project using the

WACC?

NOTE: Keep at least $4$ decimal places for INTERMEDIATE

CALCULATIONS. Enter your FINAL ANSWER to TWO

decimal places. Do NOT include a $ sign.