Ilana Industries, Inc., needs a new lathe. It can buy a new high-speed lathe for $1.6 million. The lathe will cost $41,000 per year to run, but it will save the firm $156,000 in labor costs and will be useful for 10 years. Suppose that for tax purposes, the lathe will be depreciated on a straight-line basis over its 10-year life to a salvage value of $450,000. The actual market value of the lathe at that time also will be $450,000. The discount rate is 10%, and the corporate tax rate is 30%. What is the NPV of buying the new lathe?