Forise Water Company drills small commercial water wells. The company is in the process of analyzing the purchase of a new drill. Information on the proposal is provided below.

Initial investment:

Asset $600,000

Working capital $ 120,000

Operations (per year for four years):

Cash receipts $450,000

Cash expenditures $ 190,000

Disinvestment:

Salvage value of drill (existing) $ 50,000

Discount rate 18%

What is the net present value of the investment? Assume there is no recovery of working capital.