Janes, Inc., is considering the purchase of a machine that would cost $680,000 and would last for 9 years, at the end of which, the machine would have a salvage value of $58,000. The machine would reduce labor and other costs by $118,000 per year. Additional working capital of $4,000 would be needed immediately, all of which would be recovered at the end of 9 years. The company requires a minimum pretax return of 11% on all investment projects. (Ignore income taxes.) What is net present value?