X Company is planning to launch a new product. A market research study, costing $100,000, was conducted last year, indicating that the product will be successful for the next four years. Profits from sales of the product are expected to be $163,000 in each of the first two years and $103,000 in each of the last two years. The company plans to undertake an immediate advertising campaign that will cost $90,000. New manufacturing equipment will have to be purchased for $330,000; it will have zero disposal value at the end of the four years. Assuming a discount rate of 6%, what is the net present value of launching the new product