Management at Vandelay Industries is considering a new project to produce and sell consumer widgets. The project will last 8 years. Cash flows at the end of the first year are expected to be $188,615 and are expected to grow at a constant annual rate of 3.6% for the life of the project. The project will require an immediate investment of $469,265. 

If the appropriate annual discount rate for this project is estimated to be 9.7%, what is the NPV of this project?