Marsha Jones has bought a used Mercedes horse transporter for her Connecticut estate. It cost $37,000. The object is to save on horse transporter rentals. Marsha had been renting a transporter every other week for $202 per day plus $1.10 per mile. Most of the trips are 90 miles in total. Marsha usually gives the driver a $50 tip. With the new transporter she will only have to pay for diesel fuel and maintenance, at about $0.47 per mile. Insurance costs for Marshas transporter are $1,300 per year. The transporter will probably be worth $17,000 (in real terms) after eight years, when Marshas horse Nike will be ready to retire. Assume a nominal discount rate of 8% and a 2% 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.) Explain in detail.

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