A piece of new equipment has been proposed by engineers to increase the productivity of a certain manual welding operation. The investment cost is $23,338 and the equipment will have a market value of $6,377 at the end of a study period of five years. Increased productivity attributable to the equipment will amount to $9,883 per year after extra operating costs have been subtracted from the revenue generated by the additional production. If the firm's MARR is 20% per year, what is the present worth (PW) for this proposal.