Superfast Bikes is planning to develop a new composite bike. Development of the bike takes 12 years at a cost per year of $209,000, which is paid at the end of each year of development. When the development period is finished, sales of the bike can begin. This will generate an annual cash inflow of $716,000 at the end of each full year of selling (with the first inflow being at t=13) for the following 15 years. Assume that Superfast Bikes has a cost of capital of 10.7% compounded monthly for projects of this risk class. What is the NPV of the project? The NPV of the project is $ . (Round to the nearest cent.)