Betty DeRose, manufacturing vice-president of Atlantic Industries, has been anxious for some time to purchase a piece of high-pressure equipment for use in the company's coal liquefaction research project. The equipment would cost $900,000 and would have a nine-year useful life. It would have a salvage value of $50,000 at the end of the nine years. In addition to the cost of the equipment, the company would have to increase its working capital by $60,000 in order to handle the more rapid processing of material by the new equipment. The working capital will be released for investment elsewhere at the end of the nine years. Betty estimates the equipment will save the company $250,000 per year in its research program as a result of speeding up several key processes. The only significant maintenance work required on the equipment would be the installation of new pressure seals in five years at a cost of $125,000. Atlantic Industries has a cost of capital of 15% and an income tax rate of 40%. 

Calculate the net present value (NPV) of this equipment.