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With the growing popularity of casual surf print clothing, tworecent MBA graduates decided to broaden this casual surf concept toencompass a “surf lifestyle for the home.” With limited capital,they decided to focus on surf print table and floor lamps to accentpeople’s homes. They projected unit sales of these lamps to be8,600 in the first year, with growth of 8 percent each year for thenext five years. Production of these lamps will require $51,000 innet working capital to start. The net working capital will berecovered at the end of the project. Total fixed costs are $111,000per year, variable production costs are $24 per unit, and the unitsare priced at $52 each. The equipment needed to begin productionwill cost $191,000. The equipment will be depreciated using thestraight-line method over a five-year life and is not expected tohave a salvage value. The effective tax rate is 35 percent and therequired rate of return is 25 percent. What is the NPV of thisproject? (Do not round intermediate calculationsand round your answer to 2 decimal places, e.g.,32.16.) NPV $ ____________