An Insurance company is advertising a new product to retirees looking to invest their 401(K) retirement accumulations. The idea is this: give us the lump sum of $760 today and we'll then give you, the retiree, an annuity of $320 to be received at the end of each year, beginning one year from today, for 7 consecutive years. From the standpoint of the retiree, calculate the NPV of this product if the required rate of return is 4%.