Yellow Company is considering whether to invest in a piece of equipment that requires an investment of $400,000 today. The project will provide net before-tax operating cash inflows of $120,000 at the end of each year for eight years, and it will have a salvage value of $0 at the end of eight years. Yellow Company uses straight-line depreciation for income tax purposes. The income tax rate is 40% and the discount rate is 13%. Income taxes are paid at the end of the year. Calculate the net present value of the piece of equipment. Don't forget income taxes.