Jamesbury Valves is considering some new equipment. The equipment$$s price is $$900,000,$ and it would cost another $$50,000$ to modify it for special use. The equipment depreciates straight line to $0$ over its $4-$year economic life, but will be sold after $3$ years for $$40,000.$ The new equipment will have no effect on revenues, but it is expected to save the firm $$350,000$ per year in before$-$tax operating costs. Jamesbury's marginal tax rate is $34\%,$ and the managers estimate its cost of capital to be $9\%.$ What is the project$$s NPV$?$