Allegience Insurance Companys management is considering an advertising program that would require an initial expenditure of $191,980 and bring in additional sales over the next five years. The projected additional sales revenue in year 1 is $91,000, with associated expenses of $33,000. The additional sales revenue and expenses from the advertising program are projected to increase by 10 percent each year. Allegiences tax rate is 30 percent. (Hint: The $191,980 advertising cost is an expense.) Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required:

1. Calculate the advertising programs net present value, assuming an after-tax hurdle rate of 10 percent. (Round your intermediate calculations and final answer to the nearest whole dollar.)