Ilana Industries, Inc., needs a new lathe. It can buy a new high$-$speed lathe for $$1\mathrm{.}08$ million. The lathe will cost $$31,500$ to run, will save the firm $$123,300$ in labour costs, and will be useful for $9$ years. Suppose that for tax purposes, the lathe will be in an asset class with a CCA rate of $25\%.$ Ilana has many other assets in this asset class. The lathe is expected to have a $9-$year life with a salvage value of $$101,000.$ The actual market value of the lathe at that time will also be $$101,000.$ The discount rate is $5\%$ and the corporate tax rate is $35\%.$

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

NPV $