A company considering a capital investment proposal that costs $460,000, an estimated life of four years, and no residual value. The estimated net cash flows are as follows:

Yr 1 - 195000

Yr 2 - 160000

Yr 3 - 120000

Yr 4 - 80000

The minimum desired rate of return for net present value analysis is 10%. The present value of $1 at compound interest rates of 10% for 1, 2, 3, and 4 years is 0.909, 0.826, 0.751, and 0.683, respectively. Calculate net present value.