The following table presents sales forecasts for Golden Gelt Giftware. The unit price is $40. The unit cost of the giftware is $20.

Year	Unit Sales
1	37,000
2	45,000
3	14,000
4	8,000
Thereafter	0

It is expected that net working capital will amount to 20% of sales in the following year. For example, the store will need an initial (year-0) investment in working capital of .20 37,000 $40 = $296,000. Plant and equipment necessary to establish the Giftware business will require an additional investment of $215,000. This investment will be depreciated using MACRS and a 3-year life. After 4 years, the equipment will have an economic and book value of zero. The firms tax rate is 40%. What is the net present value of the project? The discount rate is 15%. (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Net present value

$