Warmack Machine Shop is considering a four$-$year project to improve its production efficiency. Buying a new machine press for $$560,000$ is estimated to result in $$235,000$ in annual pretax cost savings. The press falls in the MACRS five$-$year class, and it will have a salvage value at the end of the project of $$94,000.$ The press also requires an initial investment in spare parts inventory of $$29,000,$ along with an additional $$3,400$ in inventory for each succeeding year of the project. The shop's tax rate is $35$ percent and its discount rate is $9$ percent. $($MACRS schedule$)$