A consultant has recommended that you modernize a production line. Costs include $360,000 in equipment, a $33,000 investment in net working capital at the time of installation, and $12,000 in delivery and installation costs. The consultant has billed the firm for $74,500 for her analysis of the project. If the project is undertaken, an employee training program costing $31,000 would be required. The old machinery has no book value but can be sold for $10,000. Your firm's marginal tax rate is 34%. What is the initial outlay associated with the project