Dog Up! Franks is looking at a new sausage system with an installed cost of $522,600. This cost will be depreciated straight-line to zero over the project's 8-year life, at the end of which the sausage system can be scrapped for $80,400. The sausage system will save the firm $160,800 per year in pretax operating costs, and the system requires an initial investment in net working capital of $37,520.

If the tax rate is 22 percent and the discount rate is 8 percent, what is the NPV of this project?