Byron Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $112,000. The equipment will have an initial cost of $486,000 and have a 5 year life. The salvage value of the equipment is estimated to be $75,000. If the hurdle rate is 11%, what is the approximate net present value? Ignore income taxes. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor from the PV tables. Round your final answer to the nearest dollar amount.)