A company can buy a machine that is expected to have a three-year life and a $49,000 salvage value. The machine will cost $1,880,000 and is expected to produce a $219,000 annual income to be received at the end of each year. Annual depreciation expense is $601,000 per year. If a table of present values of $1 at 11% shows values of 0.9009 for one year, 0.8116 for two years, and 0.7312 for three years, what is the net present