The Culver Company is planning to purchase $468,000 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 $208,000 2 140,000 3 123,000 4 59,600 5 62,300 6 49,700 7 41,200 Total $683,800

Click here to view the factor table.

Calculate the net present value of the proposed equipment purchase. Culver 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 $enter the net present value in dollars rounded to 0 decimal places