A pro-audio manufacturer is considering the purchase of new equipment that will allow them to start manufacturing preamps. The equipment will cost $525,000 and will be eligible for 100% bonus depreciation. The equipment can be sold for $35,000 at the end of the project in 5 years. Sales of preamps will total $348,000 per year, with annual fixed costs equal to 35% of sales. This project will require an investment of $40,000 in net working capital that will be returned, in full, at the end of the project. The tax rate is 22%, and the required return is 9%. What is the projects NPV? Recall that 100% bonus depreciation means that the full asset value is depreciated in year 1, and that book value is not always the same as market value.