TAAA Dredging is considering some new equipment. The equipments price is $90,000, and it would cost another $15,000 to modify it for special use. The equipment depreciates straight line to 0 over its 4-year economic life, but will be sold after 3 years for $25,000. The new equipment will have no effect on revenues, but it is expected to save the firm $55,000 per year in before-tax operating costs. TAAA's marginal tax rate is 35%, and the managers estimate its cost of capital to be 11%. What is the projects NPV?