Company X is considering purchasing a new piece of equipment for their manufacturing plant. The equipments purchase price including modifications is $170,000, and the equipment will be fully depreciated at the time of purchase. The equipment would be sold after 3 years for $60,000. Use of the equipment would require an increase in net working capital (spare parts inventory) of $8,000. The equipment would have no effect on revenues, but it is expected to save the firm $50,000 per year in before-tax operating costs, mainly labor. The firms marginal federal-plus-state tax rate is 25% and the firms WACC is 10%.

What is the initial investment outlay for this new piece of equipment?