Joanette, Incorporated, is considering the purchase of a machine that would cost $$470,000$ and would last for $5$ years, at the end of which, the machine would have a salvage value of $$57,000.$ The machine would reduce labor and other costs by $$117,000$ per year. Additional working capital of $$3,000$ would be needed immediately, all of which would be recovered at the end of $5$ years. The company requires a minimum pretax return of $15\%$ on all investment projects. $($Ignore income taxes.$)$

Click here to view Exhibit $14$B$-1$ and Exhibit $14$B$-2,$ to determine the appropriate discount factor$($s$)$ using the tables provided.

Required:

Determine the net present value of the project.

Note: Negative amount should be indicated by a minus sign. Round your intermediate calculations and final answer to the nearest whole dollar amount.

Net present value