You must evaluate the purchase of a new piece of equipment for the R&D department. The purchase price including modifications is $220,000, and the equipment will be fully depreciated at the time of purchase. The equipment will be sold after 3 years for $84,000. The equipment would require a $8,000 increase in net operating working capital. The project would have no effect on revenues, but will save the firm $72,000 per year in before-tax labor costs. The firm's marginal tax rate is 25%. If the WACC is 11%, what is the NPV of the equipment? Do not round intermediate calculations. Round final answer to two decimals and include the $ and comma if needed. Example: $3,333.33

(Hint: find initial outlay, then cash flows for each year)