Massey Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $530,000 is estimated to result in $220,000 in annual pretax cost savings. The press falls in the MACRS five-year class, and it will have a salvage value at the end of the project of $89,000. The press also requires an initial investment in spare parts inventory of $26,000, along with an additional $3,100 in inventory for each succeeding year of the project. The shops tax rate is 35 percent and its discount rate is 9 percent. Refer to table 6.8

Table 6.8

Property Class

Year Three-Year Five-Year Seven-Year

1 33.33% 20.00% 14.29%

2 44.45% 32.00% 24.49%

3 14.81% 19.20% 17.49%

4 7.41% 11.52% 12.49%

5 11.52% 8.93%

6 5.76% 8.92%

7 8.93%

8 4.46%

Calculate the NPV of this project. (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))