A company is evaluating the feasibility of investing in machinery to manufacture an automotive component. It would need to make an investment of $510,000 today, after which, it would have to spend $9,500 every year starting one year from now, for nine years. At the end of the period, the machine would have a salvage value of $11,000. The company confirmed that it can produce and sell 7,300 components every year for nine years and the net return would be $14.20 per component. The company's required rate of return is 7.00%. a. What is the Net Present Value (NPV) of this investment option? Round to the nearest cent