Professor Wendy Smith has been offered the following opportunity: A law firm would like to retain her for an upfront payment of

$49,000.

In return, for the next year the firm would have access to eight hours of her time every month. As an alternative payment arrangement, the firm would pay Professor Smith's hourly rate for the eight hours each month. Smith's rate is

$535

per hour and her opportunity cost of capital is

15%

per year.

The NPV is $ (Round to the nearest dollar.)