Jett Company is considering investing in a new project that will generate cash inflows of $54,000 every year for the ten-year life of the project. Investing in this new project will require the purchase of a new machine, which will cost $250,000. The machine will have a salvage value of $10,000 at the end of ten years, but will require a repair costing $12,000 at the end of year four and a repair costing $20,000 at the end of year seven. In addition, this project will require an immediate investment of $33,000 in working capital which would be released for investment elsewhere at the end of the ten years. Jett Company has a cost of capital of 8% and an income tax rate of 30%. Calculate the net present value (NPV) of the new project.