CSM Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $433,000 is estimated to result in $163,000 in annual pretax cost savings. The press is eligible for 100 percent bonus depreciation and it will have a salvage value at the end of the project of $64,000. The press also requires an initial investment in spare parts inventory of $16,900, along with an additional $3,900 in inventory for each succeeding year of the project. The shops tax rate is 24 percent and its discount rate is 11 percent. Calculate the project's NPV.