Ilana Industries, Inc., needs a new lathe. It can buy a new high-speed lathe for $1.04 million. The lathe will cost $35,900 to run, will save the firm $133,100 in labour costs, and will be useful for 12 years. Suppose that for tax purposes, the lathe will be in an asset class with a CCA rate of 25%. Ilana has many other assets in this asset class. The lathe is expected to have a 12-year life with a salvage value of $110,000. The actual market value of the lathe at that time will also be $110,000. The discount rate is 8% and the corporate tax rate is 35%.

What is the NPV of buying the new lathe?(Round your answer to the nearest cent.)NPV$