Ilana Industries Incorporated needs a new lathe. It can buy a new high-speed lathe for $1.1million. The lathe will cost $36,000 per year to run, but it will save the firm $183,000 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 $500,000. The discount rate is 12%, and the corporate tax rate is 21%. What is the NPV of buying the new lathe?