United Pigpen is considering a proposal to manufacture high-protein hog feed. The project would require use of an existing warehouse, which is currently rented out to a neighboring firm. The next year's rental charge on the warehouse is $190,000, and thereafter, the rent is expected to grow In Ine with Inflation at 4% a year. In addition to using the warehouse, the proposal envisages an Investment in plant and equipment of $1.74 million. This could be depreclated for tax purposes straight-line over 10 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 $580,000. Finally, the project requires an Immediate Investment In working capital of $440,000. Thereafter, working capital is forecasted to be 10% of sales In each of years 1 through 7. Working capltal will be run down to zero in year 8 when the project shuts down. Year 1 sales of hog feed are expected to be $6.00million, and thereafter, sales are forecasted to grow by 5% a year, slightly faster than the Inflation rate. Manufacturing costs are expected to be 90% of sales, and profits are subject to tax at 21%. The cost of capltal is 12%. What is the NPV of Pigpen's project? Note: Enter your answer in thousands, not In millions, rounded to the nearest dollar