Joanette, Incorporated, is considering the purchase of a machine that would cost $530,000 and would last for 8 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 8 years. The company requires a minimum pretax return of 15% on all investment projects. (Ignore income taxes)

Determine the net present value of the project.