Problem 8-11 Cost-Cutting Proposals Blue Line Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $550,000 is estimated to resuit in $230,000 in annual pretax cost savings. The press falls in the MACRS five-year class, and it will hav a salvage value at the end of the project of $93,000. The press also requires an initial investment in spare parts inventory of $28,000 along with an additional $3,.300 in inventory for each succeeding year of the project. The shop's tax rate is 34 percent and the project's required return is 9 percent. Refer to Table 8.3 Calculate the NPV of this project. (Do not round intermediate colculations and round your answer to 2 decimal places, e.g. 32.16.) Should the company buy and install the machine press? No Yes