Taylor Company is considering the purchase of a new machine. The machine will cost $247,000 and is expected to last for 9 years. However, the machine will need maintenance costing $7,000 at the end of year four and maintenance costing $30,000 at the end of year eight. In addition, purchasing this machine would require an immediate investment of $50,000 in working capital which would be released for investment elsewhere at the end of the 9 years. The machine is expected to have a $10,000 salvage value at the end of 9 years. The machine will be used to generate net cash inflows of $50,000 per year in each of the 9 years. Taylor Company has a cost of capital of 8%. Calculate the net present value (NPV) of this machine.