Tanaka Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $421,000 is estimated to result in $157,000 in annual pretax cost savings. The press falls in the MACRS five-year class (MACRS schedule), and it will have a salvage value at the end of the project of $58,000. The press also requires an initial investment in spare parts inventory of $16,300, along with an additional $3,300 in inventory for each succeeding year of the project. The shops tax rate is 23 percent and its discount rate is 10 percent.

Calculate the NPV.