A proposed cost-saving device has an installed cost of $610,000. The device will be used in a five-year project but is classified as three-year MACRS property for tax purposes. The required initial net working capital investment is $55,000, the marginal tax rate is 35%, and the project discount rate is 12%. The device has an estimated year 5 salvage value of $40,000. What level of pretax cost savings do we require for this project to be profitable