Page Ferry plans to expand operations by acquiring another boat. It has a bid of $1,001,700 from a boat manufacturer to provide a boat that can carry 38 passengers. The boat has an expected life of 7 years with an expected residual value for financial reporting and tax purposes of $45,360. Page Ferry has a tax rate of 40 percent and uses straight-line depreciation for tax purposes. Its required rate of return is 10 percent. The following annual cash flows relate to the investment in the new boat:

Item		Cash Flow
Passenger revenues		$296,000
Labor cost		(97,900)
Fuel cost		(15,300)
Maintenance cost		(14,200)
Miscellaneous cost		(4,140)
Taxes		?

Calculate the net present value of the investment in the boat.