The Spartan Technology Company has a proposed contract with the Digital Systems Company of Michigan. The initial investment in land and equipment will be $

$350$

$,$

$000$

$.$

$$Of this amount, $

$280$

$,$

$000$

$$is subject to five

$-$

year MACRS depreciation. The balance is in nondepreciable property. The contract covers six years; at the end of six years, the nondepreciable assets will be sold for $

$70$

$,$

$000$

$.$

$$The depreciated assets will have zero resale value. Use Table

$12$

$-$

$12$

$.$

The contract will require an additional investment of $

$62$

$,$

$000$

$$in working capital at the beginning of the first year and, of this amount, $

$42$

$,$

$000$

$$will be returned to the Spartan Technology Company after six years.

The investment will produce $

$101$

$,$

$000$

$$in income before depreciation and taxes for each of the six years. The corporation is in a

$25$

$$percent tax bracket and has a

$8$

$$percent cost of capital.

a

$.$

$$Calculate the net present value.

$($

Do not round intermediate calculations and round your answer to

$2$

$$decimal places.

$)$