Ilana Industries Inc. needs a new lathe. It can buy a new high-speed lathe for $1.6 million. The lathe will cost $51,000 per year to run, but it will save the firm $162,000 in labor costs and will be useful for 10 years. Suppose that for tax purposes, the lathe is entitled to 100% bonus depreciation. At the end of the 10 years, the lathe can be sold for $490,000. The discount rate is 8%, and the corporate tax rate is 21%. What is the NPV of buying the new lathe? (A negative amount should be indicated by a minus sign. Enter your answer in dollars not in millions. Do not round intermediate calculations. Round your answer to 2 decimal places.)