Jamesbury Valves is considering some new equipment. The equipments price is $800,000, and it would cost another $80,000 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 $200,000. The new equipment will have no effect on revenues, but it is expected to save the firm $600,000 per year in before-tax operating costs. Jamesbury's marginal tax rate is 33%, and the managers estimate its cost of capital to be 12%. What is the projects NPV?