Suppose that Calloway golf would like to capitalize on Phil Michelson winning the Open Championship in 2013 by releasing a new putter. The new product will require new equipment for $404,956.00 that will be depreciated using the 5-year MACRS schedule. The project will run for 2 years with the following forecasted numbers:

	Year 1	Year 2
Putter price	$60.90	$60.90
Units sold	18,183.00	10,012.00
COGS	40.00% of sales	40.00% of sales
Selling and Administrative	19.00% of sales	19.00% of sales

Calloway has a 15.00% cost of capital and a 40.00% tax rate. The firm expects to sell the equipment after 2 years for a NSV of $137,314.00.

What is the NPV of the project?