Craig Motors have just made an investment of R420 000 in a state-of-the-art wheel alignment machine, details of which are below:

Expected useful life 6 years

Salvage value 120 000

Cost of Capital 12 %

Tax rate 30%

Expected cash flows after tax are as follows:

Year Cash Flows

1. 86 000

2. 126 000

3. 126 000

4. 181 000

5. 68 000

6. 50 000

Calculate the NPV of the project. Round off your NPV value to two decimal places.