Masters Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $816,000 is estimated to result in $272,000 in annual pretax cost savings. The press falls in the MACRS five-year class (MACRS Table), and it will have a salvage value at the end of the project of $119,000. The press also requires an initial investment in spare parts inventory of $34,000, along with an additional $5,100 in inventory for each succeeding year of the project.

If the shop's tax rate is 23 percent and its discount rate is 9 percent, what is the NPV for this project?