The Bramble Company is planning to purchase $487,000 of equipment with an estimated 7-year life and no estimated salvage value. The company has projected the following annual cash flows for the investment:

Year		Projected Cash Flows
1			$207,000
2			132,000
3			109,000
4			51,700
5			61,200
6			44,400
7			46,300
Total			$651,600

Calculate the net present value of the proposed equipment purchase. Bramble uses a 6% discount rate.