Daniel's Theme Park is a family favorite destination. To keep up with other theme parks, Daniel is thinking of investing in a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $103,000. The equipment will have an initial cost of $423,000 and have a 5-year life. The salvage value of the equipment is estimated to be $80,000. If the hurdle rate is 12%, what is the approximate net present value? Ignore income taxes