Dog Up! Franks is looking at a new sausage system with an installed cost of $694,200. This cost will be depreciated straight-line to zero over the project's 6-year life, at the end of which the sausage system can be scrapped for $106,800. The sausage system will save the firm $213,600 per year in pretax operating costs, and the system requires an initial investment in net working capital of $49,840.

Required:

If the tax rate is 34 percent and the discount rate is 8 percent, what is the NPV of this project?