DIY is considering a project that lasts for 9 years. The company currently has debt/equity ratio of 0.25, cost of equity of 15.58%, and cost of debt of 5%. The project requires a machine that costs $96,000 and has a CCA rate of 35%. The salvage value is $12,000 at year 9 and the asset class terminates since the machine is the only asset in the class. The machine will generate $32,000 before-tax cash flow in the first year, which grows at 5% per year. The corporate tax rate is 40%. The project will be financed by 80% internal equity and 20% new borrowing. Due to the pandemic, the government will offer a subsidized loan at 3% but require repaying 30%, 40% and 30% of the loan at the end of year 7, 8 and 9, respectively. The flotation cost of new borrowing is 6%.

What is the NPV of the project? (Use the APV method)