Geary Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $787,200 is estimated to result in $262,400 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 $114,800. The press also requires an initial investment in spare parts inventory of $32,800, along with an additional $4,920 in inventory for each succeeding year of the project.

Required : If the shop's tax rate is 31 percent and its discount rate is 13 percent, what is the NPV for this project?