Newport Corporation is considering the purchase of a new piece of equipment. The cost.savings from the equipment would result in an annual increase in net cash flow of $$215,000.$ The equipment will have an initial cost of $$977,000$ and a $6-$year useful life with no salvage value. If the company's cost of capital is $8\%,$ what is the net present value? $($ Future Value of $$1,$ Present Value of $$1,$ Future Value Annuity of $$1,$ Present Value Annuity of $$1.)$

Note: Use the appropriate factor from the PV tables.