The Novak Company is planning to purchase $ 472,000 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			$ 242,000
2			149,000
3			113,000
4			59,700
5			68,400
6			47,500
7			48,100
Total			$ 727,700

Click here to view the factor table. Calculate the net present value of the proposed equipment purchase. Novak uses a 5% 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

$