A new product line requires $366,000 of immediate investment in production capacity, and an additional investment of $179,000 for production upgrades in 3 years time. The initial annual cost of producing the product is $41,000, until the additional investment is made, after which the annual cost will reduce to $11,000. If the total projected life of the product line is 12 years, what is the total present cost of producing the product? The company's MARR is 8.2%