A $$77,000$ machine with a $8-$year class life was purchased $2$ years ago. The machine will now be sold for $$35,000$ and replaced with a new machine costing $$63,000,$ with a $5-$year class life. The new machine will not increase sales, but will decrease operating costs by $$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?