The management of Melchiori Corporation is considering the purchase of a machine that would cost $310,000, would last for 6 years, and would have no salvage value. The machine would reduce labor and other costs by $116,000 per year. The company requires a minimum pretax return of 16% on all investment projects. The Present Value of the annual cost savings of $116,000 is closest to:

A: $696,000

B: $1,041,462

C: $175,448

D: $427,460