The XYZ Corporation is planning to purchase an extruder. The purchase price of the extruder is $350,000. The company plans to make a down payment of 25% of the first cost of the extruder and to make annual payments on a 7-year, 10% loan for the remainder of the cost of the extruder. XYZ believes that the extruder can be sold for $75,000 at the end of its 15-year service life.

The new extruder will increase the company's annual income by $90,000. Maintenance and operating costs are expected to be $4,000 during the first year and to increase by $1,200 each year. XYZ uses a before-tax MARR of 12% for its preliminary economic studies. What is the net present worth (NPW) of this investment to XYZ?