A project Nirrti is considering requires an initial cash outlay of $688,000 for equipment. She expects to spend an additional $71,000 in the first year to cover costs as the project will produce negligible cash inflows for that year. During years 2 through 6, she expects to receive cash inflows of $306,000 a year. What is the net present value of this project at a discount rate of 13.4 percent?