What is the net present value of the project?

Joanette, Inc, is considering the purchase of a machine that would cost $470,000 and would last for 5 years, at the end of which, the machine would have a salvage value of $57,000. The machine would reduce labor and other costs by 5117,000 per year. Additiona working capital of $3,000 would be needed immediately, all of which would be recovered at the end of 5 years. The compary requires a minimum pretax return of 15% on al investment projects (gnore income taxes.)