Waterway Inc. wants to replace its current equipment with new high-tech equipment. The existing equipment was purchased 5 years ago at a cost of $124,000. A't that time, the equipment lad an expected life of 10 years, with no expected salvage value. The equipment is being depreciated on a straight-line basis. Currently, the market value of the old equipment is $41,000. The new equipment can be bought for $173,140, including installation, Over its 10-year life, it will reduce operating expenses from $193,100 to $145,400 for the first six years, and from $203,100 to $192,600 for the last four years. Net working capital requirements will also increase by $20,500 at the time of replacement. It is estimated that the company can sell the new equipment for $24,500 at the end of its life. Since the new equipment's cash flows are relatively certain, the project's cost of capital is set at 10%, compared with 15% for an average-risk project. The firm's maximum acceptable payback period is 5 years. Click here to view the factor table. Calculate the project's net present value. (If the net present value is negative, use either a negative sign preceding the number eg. 45 or parentheses eg. (45). For calculation purposes, use 5 decimal places as displayed in the factor table provided, eg. 1.25124 and final answer to 0 decimal places, eg. 5,275.)