A photocopier cost $1,100,000. This photocopier could be depreciated at 20% per year (Class 8). The photocopier would actually be worthless in eight years. The equipment would save $345,000 per year before taxes and operating costs. If we require a 14% return, what is the NPV of the purchase? Assume a tax rate of 40%. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)