Yummy Foods is considering a new salsa product whose data are shown below. The equipment that would be used has a 3-year tax life and would be depreciated by the straight-line method over the project's 3-year life. Revenues and other operating costs are expected to be constant over the project's 3-year life. What is the project's NPV? (Please be sure to show your calculations.)

Hurdle Rate 10%

Net initial investment $60,000

Initial increase in NOWC $10,000

Salvage value $10,000

Sales revenues $70,000

Operating costs (excluding depreciation) $30,000

Tax rate 40%