United Pigpen is considering a proposal to manufacture high-protein hog feed. The project would recuire use of an existing warehouse, which is currently rented out to a nelghboring firm, The next yeor's rental charge on the warehouse is $105,000, and thereafter, the rent is expected to grow in line with infiotion at 4% a yeac, in adcition to using the warehouse, the proposal envisoges an investment in plant and equlpment of $1.23 million. This could be depreciated for tax purposes stroight-line over to years. However, Pigpen expects to terminate the project at the end of 8 years and to resell the plant and equipment in year 8 for $410,000. Finally, the project requires an immediote investment in working capital of $355,000. Thereafter, working copital is forecasted to be 10% of sales in coch of years 1 through 7 . Working capital wilt be run down to zero in year 8 when the project shuts down. Year 1 sales of hog feed are expected to be $4,30 milion, and thereafter, sales are forecasted to grow by 5% a year, slightly faster than the infiation rate. Manufacturing costs are expected to be 90% of sales, and profits ore subject to tox at 21%. The cost of capital is 12%. What is the NPV of Plgpen's project? Note: Enter your answer in thousands, not in millions, rounded to the nearest dollar