Matt Incorporated has an investment project with the following parameters.

• It is expected to generate a payment of $450 every six months in perpetuity.
• The first cash inflow is six months from now.
• The cost of capital is 3% per six months (effective).
• The project requires an initial investment of $8,000 now.

What is the net present value of this project?

Answer in $ and include two decimal places.