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 11000 units, selling for $39 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 $35,000/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 $139,000 and ATO rules require that the equipment be depreciated to zero over 9 years. At the end of the 9 years, the company expects to be able to sell the machinery for $ 38,000. 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.