A manufacturing company is considering investing in automation technology to improve production efficiency. The initial investment for the automation equipment is $500,000, with annual savings in labor costs estimated at $100,000. However, the equipment has a useful life of 5 years and requires annual maintenance costs of $20,000. Calculate the net present value (NPV) of the investment at a discount rate of 10%. Discuss the implications of NPV analysis for capital budgeting decisions and how it helps in evaluating long-term investments.