GrowCorp is considering launching a new product called the GrowWidget.

After extensive market research, you have determined that sales of GrowWidgets will be $71,000 per year, and operating expenses will be $30,000 per year.

The machinery to produce GrowWidgets will cost $135,000 and can be depreciated for tax purposes using the straight-line method over 15 years with a salvage value of zero.

The GrowWidgets project will require working capital of $10,000 which will be returned at the end of the project.

The market research required to develop these projections cost $12,000. This research indicates that demand for GrowWidgets will fall to zero after 12 years, so the project will be terminated at that time and the machinery will be sold for $75,000.

The relevant cost of capital for the GrowWidgets project is 7% (annual rate, compounded annually).

GrowCorp faces a corporate tax rate of 30%.

Compute the NPV of the GrowWidget project. Express your answer to the nearest cent (two decimal places).

(do not use excel, do calculation manually)