ou have been hired as a consultant for Pristine Urban$-$Tech Zither, Incorporated $($PUTZ$),$ manufacturers of fine zithers. The market for zithers is growing quickly. The company bought some land three years ago for $$1,340,000$ in anticipation of using it as a toxic waste dump site but has recently hired another company to handle all toxic materials. Based on a recent appraisal, the company believes it could sell the land for $$1,550,000$ on an aftertax basis. In four years, the land could be sold for $$1,525,000$ after taxes. The company also hired a marketing firm to analyze the zither market, at a cost of $$190,000.$ An excerpt of the marketing report is as follows:

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The zither industry will have a rapid expansion in the next four years. With the brand name recognition that PUTZ brings to bear, we feel that the company will be able to sell $7,240,8,160,9,395,$ and $6,230$ units each year for the next four years, respectively. Again, capitalizing on the name recognition of PUTZ, we feel that a premium price of $$350$ can be charged for each zither. Because zithers appear to be a fad, we feel at the end of the $4-$year period, sales should be discontinued.

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PUTZ feels that fixed costs for the project will be $$445,000$ per year, and variable costs are $20$ percent of sales. The equipment necessary for production will cost $$4,050,000$ and will be depreciated according to a $3-$year MACRS schedule. At the end of the project, the equipment can be scrapped for $$440,000.$ Net working capital of $$290,000$ will be required immediately. PUTZ has a tax rate of $23$ percent$$and the required return on the project is $12$ percent. $($MACRS schedule$)$

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What is the NPV of the project? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$