Joanette, Incorporated, is considering the purchase of a machine that would cost $$430,000$ and would last for $5$ years, at the end of which, the machine would have a salvage value of $$43,000.$ The machine would reduce labor and other costs by $$103,000$ per year. Additional working capital of $$5,000$ would be needed immediately, all of which would be recovered at the end of $5$ years. The company requires a minimum pretax return of $11\%$ on all investment projects. $($Ignore income taxes.$)$

Click here to view Exhibit $12$B$-1$ and Exhibit $12$B$-2,$ to determine the appropriate discount factor$($s$)$ using the tables provided.

Required:

Determine the net present value of the project.