Sandra M. is analyzing a project and has determined that the initial cost will be $615,000 and the required rate of return needs to be 14 percent. The project has a 65 percent chance of success and a 35 percent chance of failure. If the project fails, it will generate an annual after-tax cash flow of $130,000. If the project succeeds, the annual after-tax cash flow will be $290,000. She has further determined that if the project fails, she will shut it down after the first year and sell the equipment for the after-tax salvage value of $250,000. If however, the project is a success, she can expand it with no additional investment and increase the after-tax cash flow to $310,000 a year for Years 2-5. At the end of Year 5, the project would be terminated and have no salvage value. What is the expected net present value of this project at Time 0?