The management of Kimco is evaluating replacing their large mainframe computer with a modern network system that requires much less office space. The network would cost $510,301.00 (including installation costs) and due to efficiency gains, would generate $121,309.00 per year in operating cash flows (accounting for taxes and depreciation) over the next five years. The old mainframe has a remaining book value of $40,404.00 and would be immediately donated to a charity for the tax benefit. Kimcos cost of capital is 12.00% and the tax rate is 37.00%.

What is the initial cash outlay (cash flow at year 0) for this project? (express as a negative)