A proposed cost-saving device has an installed cost of $645,000. The device will be used in a five-year project, but is classified as manufacturing and processing equipment 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 9%. The device has an estimated year 5 salvage value of $75,000. What level of pre-tax cost savings do we require for this project to be profitable? The CCA rate is 20%. (Do not round your intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)

Pre-tax cost savings