Vanish Stain Remover Formula Upgrade Project (Amounts given in $ thousands) Fiscal year: 2020 2021 32% 2022 32% 2023 32% 2024 32% 2025 32% Marginal Tax Rate Incremental Revenue Incremental Cost Incremental Profit Incremental Profit x (1 - Tax Rate) 500.00 150.00 350.00 238.00 512.00 154.00 358.00 243.44 522.00 167.00 355.00 241.40 554.00 177.00 377.00 256.36 543.00 165.00 378.00 257.04 Capital Expenditure 1,100.00 60.00 80.00 Change in NWC 25.00 35.00 Depreciation Tax Shield (Tax Rate x Depreciation) 64.20 64.20 67.80 72.60 72.60 Recovery of Net Working Capital (cash inflow) 41.00 You are the financial analyst assisting the Brand Manager of Vanish Stain Remover and have gathered the financial estimates shown in the table above required to assess the potential value created from the upgrading the product to the new more powerful "Vanish II" formula. If the cost of capital is 10.4%, what is the NPV in Year 2020 of the formula upgrade project? $ thousands (Give answer to 2 decimal places)