Yuyeng just started her new job at ChewDawg Inc. The company has just designed a new chew toy for dogs called the Chewie. The company has conducted an extensive market study, costing them a lot more ($40,000) than intially planned ($10,000). The study revealed the following market projections:

Yearly sales resulting from the new product are expected to be 8000 units, selling for $31 per unit, and costing $ 8 per unit. The sale of the new chew toy are expected to reduce the revenue of their existing product slightly, by $32,000/yr. The new product is expected to sell for 6 years, and both the revenues and costs are expected to remain constant.

The additional equipment to produce the product will costs $153,000 and ATO rules require that the equipment be depreciated to zero over 12 years. At the end of the 12 years, the company expects to be able to sell the machinery for $ 33,000. The project will also require an initial working capital of $12,500, which will be recovered at the end of the project. Financing costs for the project are $7,500 per year.

Assuming a tax rate of 30% and a required return of 7% p.a., what is the expected NPV? Round your answer to two decimals.