Glaze Manufacturing Company is considering an opportunity to invest in a new piece of equipment. The equipment cost $62,000 with $42,000 due on the date of purchase and the remaining $20,000 due at the end of year three. The equipment is expected to have a 5 year useful life. GMC's accountant has developed the following cash flow information regarding the equipment.

Purchase price of the euipment due up front $42,000

Remaining balance due at the end of year three $20,000

Additional working capital required immedicately upon purchase $6,200

Salvage Value $16,000

Incremental income per year $21,000

Working capital recovery at the end of useful life $6,200

Assuming a required(desired) rate of retuen of 12%, the net present value of this investment opportunity is (Use the PV of $1 and PVA of $1 table) Round intermedicate and final answer to the nearest whole dollar)