Keep at least 4 decimals in all calculations.

PRT Inc. is considering a 8-year project which requires the purchase of a $342,500 machine. This machine is the only asset in the asset class (CCA rate of 25%) and will be sold for $90,900 when the project ends. The project is expected to generate cash flows before tax of $198,200 per year for 8 years. The project has the same risk as the existing assets of the firm and the firms target debt-equity ratio is 0.52. The weighted average cost of capital is 15.4%. The corporate tax rate is 34%. PRTs normal borrowing cost is 7.7%. Loyal Bank offers a special loan of $159,000 at 5.1% but charges 3% flotation cost and requires repaying 3/5 of the loan at the end of year 4. PRT pays the flotation cost with its cash on hand. Using the adjusted present value method, calculate the NPV of the project.