CSM Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $499,000 is estimated to result in $198,000 in annual pretax cost savings. The press falls in the MACRS five-year class (MACRS Table), and it will have a salvage value at the end of the project of $62,000. The press also requires an initial investment in spare parts inventory of $22,400, along with an additional $4,400 in inventory for each succeeding year of the project. The shops tax rate is 40 percent and its discount rate is 11 percent.

Requirement 1:

Calculate the NPV. (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)