The owner of a small business is considering purchasing production equipment having a total cost of $470,000. The new equipment will allow the owner to reduce labor and material cost; measured in constant dollars, the savings in labor and material is estimated to equal $140,000 per year. The annual inflation rate is 4%; the business owner's real after-tax minimum attractive rate of return is 9% compounded annually. At the end of the 5-year period, the terminal value or salvage value of the equipment, in constant dollars, is estimated to total $180,000. Including state and federal income taxes, an income tax rate of 25% applies. Calculate the after-tax present worth for the investment if the production equipment qualifies as MACRS 3-year property.