St$.$ Johns River Shipyards is considering the replacement of an $8-$year$-$old riveting machine with a new one that will increase earnings before depreciation from $$27,000$ to $$56,000$ per year. The new machine will cost $$82,500,$ and it will have an estimated life of $8$ years and no salvage value. The new riveting machine is eligible for $100\%$ bonus depreciation at the time of purchase. The applicable corporate tax rate is $25\%,$ and the firm's WACC is $14\%.$ The old machine has been fully depreciated and has no salvage value.

What is the NPV of the project? Negative value, if any, should be indicated by a minus sign. Round your answer to the nearest cent.

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Should the old riveting machine be replaced by the new one?