The Concord Company is planning to purchase $491,000 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: Projected Cash Year Flows $222,000 2 146,000 W 116,000 52,100 UT 70,000 40,500 48,700 Total $695,300 Click here to view the factor table. Calculate the net present value of the proposed equipment purchase. Concord uses a 11% discount rate. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,971.) Net present value $