Geary Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $1,132,800 is estimated to result in $377,600 in annual pretax cost savings. The press falls in the MACRS five-year class (MACRS Table), and it will have a salvage value at the end of the project of $165,200. The press also requires an initial investment in spare parts inventory of $47,200, along with an additional $7,080 in inventory for each succeeding year of the project. Required : If the shop's tax rate is 32 percent and its discount rate is 18 percent, what is the NPV for this project? (Do not round your intermediate calculations.)

a. $-170,473.33

b. $-166,034.84

c. $-271,679.01

d. $-178,997.00

e. $-161,949.67