In order to start the new project, the firm has to replace an old machine with a remaining book value of $25,000. However, while still functional, the machine has no market value and will be scrapped if the new equipment is acquired. The new machine will cost the firm $220,000. In order to put the machine in working condition, ABC will spend $6,000 in installation and $4,000 in shipping. If the new machine is purchased net working capital will be increased by $10,000. The new machine will be depreciated via the straight-line depreciation method to a salvage value of $0. However, at the end of the new machines five-year life, it can be sold for $30,000. If accepted, the new machine will increase annual revenues by $150,000 and will increase annual operating costs by $45,000. The company has a marginal tax rate of 40% and a cost of capital of 14%. The project will last 5 years. What is the initial outlay of this project?