Overnight Laundry is considering the purchase of a new pressing machine that would cost $111,360 and would produce incremental operating cash flows of $29,000 annually for 10 years. The machine has a terminal value of $6,960 and is depreciated for income tax purposes using straight-line depreciation over a 10-year life (ignore the half-year convention). Overnight Laundry's marginal tax rate is 33.3%. The company uses a discount rate of 18%.

What is the net present value of the project?