Hiland Inc. manufactures snowsuits. Hiland is considering purchasing a new sewing machine at a cost of $2.45 million. Its existing machine was purchased five years ago at a price of $1.8 million; six months ago, Hiland spent $55,000 to keep it operational. The existing sewing machine can be sold today for $243,511. The new sewing machine would require a one-time, $85,000 training cost. Operating costs would decrease by the following amounts for years 1 to 7:

Year	1		$389,200
	2		400,200
	3		410,400
	4		425,300
	5		433,100
	6		434,800
	7		436,100

The new sewing machine would be depreciated according to the declining-balance method at a rate of 20%. The salvage value is expected to be $380,700. This new equipment would require maintenance costs of $97,600 at the end of the fifth year. The cost of capital is 9%.

Calculate the Net Present Value