Brett Dunlop is seeking part-time employment while he attends school. He is considering purchasing technical equipment that will enable him to start a small training services company that will offer services over the Internet. Brett expects demand for the service to grow rapidly in the first two years of operation as customers learn about the availability of the Internet assistance. Thereafter, he expects demand to stabilize. The following table presents the expected cash flows.

In addition to these cash flows, Mr. Dunlop expects to pay $21,700 for the equipment. He also expects to pay $3,300 for a major overhaul and updating of the equipment at the end of the second year of operation. The equipment is expected to have a $1,600 salvage value and a four year useful life. Mr. Dunlop desires to earn a rate of return of 8 percent.

Year of Operation	Cash Inflow			Cash Outflow
2015	$	13,600		$	9,100
2016		20,000			11,700
2017		22,600			13,400
2018		22,600			13,400

a.	Calculate the net present value of the investment opportunity. (Negative amount should be indicated by a minus sign. Round intermediate calculations and final answer to 2 decimal places.)