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 $\backslash (\backslash$$ $1,190,000\backslash )$ in anticipation of using it as a toxic waste dump site but has recently hired another company to handle all toxic materials. Based on a recent appraisal, the company believes it could sell the land for $\backslash (\backslash$$ $1,400,000\backslash )$ on an aftertax basis. In four years, the land could be sold for $\backslash (\backslash$$ $1,450,000\backslash )$ after taxes. The company also hired a marketing firm to analyze the zither market, at a cost of $\backslash$$$175,000.$ 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 $\backslash (7,210,8,100,9,350\backslash ),$ and $6,200$ units each year for the next four years, respectively. Again, capitalizing on the name recognition of PUTZ, we feel that a premium price of $\backslash (\backslash$$ $345\backslash )$ can be charged for each zither. Because zithers appear to be a fad, we feel at the end of the $4-$year period, sales should be discontinued.

PUTZ feels that fixed costs for the project will be $\backslash (\backslash$$ $430,000\backslash )$ per year, and variable costs are $15$ percent of sales. The equipment necessary for production will cost $\backslash (\backslash$$ $3,900,000\backslash )$ and will be depreciated according to a $3-$year MACRS schedule. At the end of the project, the equipment can be scrapped for $\backslash (\backslash$$ $410,000\backslash ).$ Net working capital of $\backslash (\backslash$$ $275,000\backslash )$ will be required immediately. PUTZ has a tax rate of $25$ percent and the required return on the project is $13$ percent $($MACRS schedule$)$

What is the NPV of the project? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$