Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $505,388 is estimated to result in some amount of annual pretax cost savings. The press will have an aftertax salvage value at the end of the project of $85,930. The OCFs of the project during the 4 years are $172,604, $199,743, $177,763 and $166,182, respectively. The press also requires an initial investment in spare parts inventory of $28,964, along with an additional $2,167 in inventory for each succeeding year of the project. The shop's discount rate is 7 percent. What is the NPV for this project?