Marsha Jones has bought a used Mercedes horse transporter for her Connecticut estate. It cost $48,000. The object is to save on horse transporter rentals.

Marsha had been renting a transporter every other week for $213 per day plus $1.65 per mile. Most of the trips are 90 miles in total. Marsha usually gives the driver a $35 tip. With the new transporter she will only have to pay for diesel fuel and maintenance, at about $0.58 per mile. Insurance costs for Marshas transporter are $1,850 per year.

The transporter will probably be worth $28,000 (in real terms) after eight years, when Marshas horse Nike will be ready to retire. Assume a nominal discount rate of 10% and a 4% forecasted inflation rate. Marshas transporter is a personal outlay, not a business or financial investment, so taxes can be ignored.

Hint:All numbers given in the question are in real term.

Calculate the NPV of the investment.(Do not round intermediate calculations. Round your answer to 2 decimal places.)

NPV $?