Caradoc Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $416,000 is estimated to result in $156,000 in annual pre-tax cost savings. The press falls into Class 8 for CCA purposes (CCA rate of 20% per year), and it will have a salvage value at the end of the project of $55,600. The press also requires an initial investment in spare parts inventory of $26,000, along with an additional $3,700 in inventory for each succeeding year of the project. If the shops tax rate is 35% and its discount rate is 9%.

Calculate the NPV of this project.