You have been hired as a consultant for Pristine Urban$-$Tech Zither, Incorporated $($PUTZ$),$ manufacturers of fine zithers. The market for

zithers is growing quickly. The company bought some land three years ago for $$1\mathrm{.}45$ million in anticipation of using it as a toxic waste

dump site but has recently hired another company to handle all toxic materials. Based on a recent appraisal, the company believes it

could sell the land for $$1,550,000$ on an aftertax basis. At the end of the project, the land could be sold for $$1,650,000$ on an aftertax

basis. The company also hired a marketing firm to analyze the zither market, at a cost of $$130,000.$ An excerpt of the marketing report

is as follows:

The zither industry will have a rapid expansion in the next four years. With the brand name recognition that PUTZ brings to bear, we

feel that the company will be able to sell $4,300,5,200,5,800,$ and $4,700$ units each year for the next four years, respectively. Again,

capitalizing on the name recognition of PUTZ, we feel that a premium price of $$700$ can be charged for each zither. Since zithers

appear to be a fad, we feel at the end of the four$-$year period, sales should be discontinued.

PUTZ feels that fixed costs for the project will be $$450,000$ per year and variable costs are $20$ percent of sales. The equipment

necessary for production will cost $$4$ million and qualifies for $100$ percent bonus depreciation. At the end of the project, the equipment

can be scrapped for $$425,000.$ Net working capital of $$130,000$ will be required immediately and will be recaptured at the end of the

project. PUTZ has a $25$ percent tax rate and the required return on the project is $12$ percent.

What is the NPV of the project?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

NPV