A $100,000 machine with a 9-year class life was purchased 6 years ago. The machine will now be sold for $35,000 and replaced with a new machine costing $58,000, with a 5-year class life. The new machine will not increase sales, but will decrease operating costs by $16,000 per year. Simplified straight line depreciation is employed for both machines, and the marginal corporate tax rate is 34 percent. What is the initial outlay for the project?