Find the net present value (NPV) for a proposed project costing $29,202. Assume that the appropriate cost of capital for projects of this risk level, at this company is 11.02%, and the estimated cash flows for the life of the project are as follows:

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

$10,040 $7,430 $5,663 $2,737 $15,956 $11,204 $10,846 $3,062