If Yonex Manufacturing purchases $612,000 of new equipment, they can lower annual operating costs by $295,000. The equipment will be depreciated straight-line to a zero book value over its 4-year life. Ignore bonus depreciation. At the end of the project, the equipment will be sold for an estimated $30,000. The company must hold an extra $59,000 of inventory during the project. What is the NPV if the discount rate is 12 percent and the tax rate is 21 percent?

OCF = $

CF0 = $

CFFinal = $

NPV = $