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: Projected Cash Flows Year 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 $