(Ignore income taxes in this problem.) Sibble Corporation is considering the purchase of a machine that would cost $320,000 and would last for 6 years. At the end of 6 years, the machine would have a salvage value of $50,000. By reducing labor and other operating costs, the machine would provide annual cost savings of $60,000. The company requires a minimum pretax return of 9% on all investment projects.

Click here to view Exhibit 8B-1 and Exhibit 8B-2 to determine the appropriate discount factor(s) using tables.

The net present value of the proposed project is closest to: (Round your final answers to the nearest dollar amount.)