ABC is considering replacing the existing unit with a newer, more efficient one. The unit, which originally cost $500,000, currently has a book value of $250,000.The new unit will cost $700,000 and in order to make the new unit operational, shipping and installation costs will require a further $50,000 investment. ABC can sell the existing machine today for $275,000. Assume ABC's tax rate is 30 percent. How much will be the initial investment of replacing the existing unit?