The Whispering Winds Company is planning to purchase $458,000 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 $215,000

2 136,000

3 105,000

4 58,400

5 61,900

6 43,600

7 46,600

Total $666,500

Calculate the net present value of the proposed equipment purchase. Whispering Winds uses a 13% discount rate.

(We're instructed to use a factor table for Present value of annuity of $1 per period)