A proposed cost$-$saving device has an installed cost of $$795,000.$ The device will be used in a five$-$year project but is classified as three$-$year MACRS property for tax purposes $($MACRS schedule$).$ The required initial net working capital investment is $$79,000,$ the tax rate is $22$ percent, and the project discount rate is $11$ percent. The device has an estimated Year $5$ salvage value of $$121,000.$ What level of pretax cost savings do we require for this project to be profitable?